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.
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.