Hyderabad: The Central Bureau of Investigation has registered a complaint against a State Bank of India (SBI) cashier in East Godavari district in connection with a Rs 70 lakh gold loan scam.
CBI booked Rapaka Venkata Ramana Murthy, head of cash at SBI Sakhinetipalli branch, under sections of Indian Penal Code (IPC) on cheating and breach of trust after allegedly siphoning off Rs Rs 70 lakh.
Murthy fraudulently opened hundreds of accounts between 2016 and 2020, credited gold loan amounts and withdrawn the money, according to the CBI.
The fraud came to light in January of this year. “Murthy created gold loans without pledging the required gold ornaments. He credited the loan amounts to 319 savings accounts of 246 people for a sum of Rs 66 lakh. There was a discrepancy between the sanctioned gold loans and the gold mentioned. In only 37 cases, the sanctioned gold loans were more than adornments, â€the CBI said.
Most loan applications did not feature photographs of clients and followed KYC standards.
“Even the signatures were missing in some cases. Borrowers’ signatures did not match in a few cases, â€he said.
After crediting the loan amount to several savings accounts, Murthy used to withdraw cash or wire transfer.
While the CBI closed the case following a complaint filed by the SBI regional director, Rajahmundry, A Nageswara Rao, departmental proceedings were initiated against the branch managers of Sakhinetipalli – K Paramesh and K Kishore Kumar. and the service directors – B Kameswari and S Veera Venkata Ramana.
The SBI also authorized the CBI to investigate other allegations against Murthy.
CBI booked Rapaka Venkata Ramana Murthy, head of cash at SBI Sakhinetipalli branch, under sections of Indian Penal Code (IPC) on cheating and breach of trust after allegedly siphoning off Rs Rs 70 lakh.
Murthy fraudulently opened hundreds of accounts between 2016 and 2020, credited gold loan amounts and withdrawn the money, according to the CBI.
The fraud came to light in January of this year. “Murthy created gold loans without pledging the required gold ornaments. He credited the loan amounts to 319 savings accounts of 246 people for a sum of Rs 66 lakh. There was a discrepancy between the sanctioned gold loans and the gold mentioned. In only 37 cases, the sanctioned gold loans were more than adornments, â€the CBI said.
Most loan applications did not feature photographs of clients and followed KYC standards.
“Even the signatures were missing in some cases. Borrowers’ signatures did not match in a few cases, â€he said.
After crediting the loan amount to several savings accounts, Murthy used to withdraw cash or wire transfer.
While the CBI closed the case following a complaint filed by the SBI regional director, Rajahmundry, A Nageswara Rao, departmental proceedings were initiated against the branch managers of Sakhinetipalli – K Paramesh and K Kishore Kumar. and the service directors – B Kameswari and S Veera Venkata Ramana.
The SBI also authorized the CBI to investigate other allegations against Murthy.
