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The Hyderabad police have arrested Namburi Bala Srinivasa Rao, Chief Financial Officer of NSL Sugars, for allegedly swindling ₹5 crore.
The company alleged that the CFO diverted the money to his accounts by making it believe that a fee was paid to two consultancy firms in connection with a loan.
Acting on a complaint from the company, the Banjara Hills police traced the CFO in Bengaluru and arrested him.
They seized a BMW car reportedly bought with the money he swindled.
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