Hyderabad: SBH Branch Head Under Scanner For Their Role In Multi-Crore FD Fraud

Cyberabad police have identified as many as 11 accused persons, including the mastermind, behind two massive frauds, amounting to Rs 26 crore in two branches of State Bank of Hyderabad (SBH) in Rangareddy district. The office of the official liquidator, as well as top officials of SBH in Hyderabad and United Bank of India in Khammam, are under the police scanner for their alleged role in the multi-crore fixed deposit (FD) fraud.

SBH Branch Head Under Scanner

The Khanapur Haveli police of Khammam had made the first move by arresting M Srinivasa Rao, a welder from Kukatpally, in connection with the fraud. In September, the official liquidator had made Rs 8.3 crore FD at the United Bank of India’s Khammam branch.

M Srinivasa Rao and his associate Bhagwan Das opened a joint account in the name of Telangana New & Renewable Energy Development Corporation Ltd (a state government body) at the same branch. “The duo managed to open the bank account in the name of a government body using fake documents and the collusion of bank officials is also suspected,” SHO of Khanapur Haveli police station Ch Sridhar told TOI.

The issue came into light following a complaint lodged by a High Court official liquidator and an employee of the Ministry of Corporate Affairs (MCA) stating that about Rs 9.86 crore of deposits including Rs 8.45 crore principal and Rs 2.51 lakh towards online transfer charges were withdrawn by SBH ex-manager K V Ramana Rao and other 11 persons by producing fake court orders.

Based on the complaint lodged by the official liquidator, the Malkajgiri police took former SBH employee Venkata Ramana Rao, his associates Venkatesh, Ramesh, Vijay and Phani Kumar into custody.

On interrogation, Ramana Rao confessed that they gave Rs15 lakh bribe to a senior SBH Singapore Township branch official and promised to give Rs7.5 lakh to a senior official at the SBH Malkajgiri branch too for helping them in siphoning off the funds.

It is clear that the fraud was executed with the collusion of bank officials and staff at the official liquidaor’s office. We are already questioning some of the suspects,” Malkajgiri in-charge deputy commissioner of police (DCP) E Ramachandra Reddy said.

In a related development, both Khammam and Cyberabad police, who are probing three cases, have decided to hand over the investigation to the Crime Investigation Department (CID).

FacebookTwitterInstagramPinterestLinkedInGoogle+YoutubeRedditDribbbleBehanceGithubCodePenEmailWhatsappEmail
×
facebook
Hit “Like” to follow us and receive latest news