SBI employee arrested on fraud charge

 thehindu.com  10/18/2020 18:59:20 

A cash in-charge of the State Bank of Indias branch at Samanasa under the Amalapuram rural police station limits in East Godavari district was arrested on Sunday on the charge of stealing gold from the bank to raise a loan of 1.05 crore against it.

The accused, Bulusu Veera Venkata Satya Subramanya Sarma, allegedly resorted to the fraud between February 2019 and September 2020.

Modus operandi

Addressing the media, Amalapuram DSP Masoon Basha said. The accused created 25 gold loan accounts in the name of his family members, relatives and a few employees of the bank branch. The modus operandi is to steal gold from the lockers at the time of settlement of gold loans to genuine customers, and raise the loan against the stolen gold.

The accused resorted to the fraud to clear his personal debt of 55 lakh, which he had reportedly lost in agriculture in the recent years, he said, and added that the accused was arrested at one of his aqua ponds under the IPC Sections 420, 409, 465, 471 and 477 (A), Mr. Basha said.

The police swung into action based on a written complaint lodged against the accused by SBI Regional Manager (Amalapuram region) on September 29. The fraud had come to light during the banks internal inquiry in August, and the accused was suspended on September 14.

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism

Dear subscriber,

Thank you!

Your support for our journalism is invaluable. Its a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.

The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.

We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.

Suresh Nambath

« Go back