The man who promised One Nation One Card (ONOC), clubbing all your plastic cards into one is behind bars for swindling money from Andhra Pradesh Minority Finance Corporation and the franchisees.
The corporation says it lost Rs 55.47 crore because of ONOC MD V S K Sai Kumar.
In August, Kumar launched the one card concept through cricketer Saurav Ganguly in a grand gala at a five star hotel here and announced that President Pranab Mukherjee will officially launch the product in November.
Kumar impressed upon everyone including the state IT Minister Ponnala Laxmaiah that the system will be a success. The technology was supposed to connect the images with the technical information embedded on the original cards, allowing the cardholders to access their account at ATMs and point of sales.
Kumar, who initially linked up with the minorities corporation MD Ilyas Rizvi, now under suspension, also roped in authorities of the Vijaya Bank. They opened a current account in the corporation’s name with the help of Naveen Sagar, Raichur (Karnataka) branch assistant manager.
They later used fictitious documents to open a fake account into which funds from the corporation were diverted. For this Sagar, who was later arrested, received Rs 10 lakh.
Investigating officials suspect that more Vijaya Bank staff might be involved in the scam.
Kumar had allegedly collected lakhs of rupees from people, promising them the franchise of ONOC.
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