Sunday, January 24, 2016

Rs 65 lakh bank fraud bared in Adilabad

Two staffers of Indian Bank were booked for siphoning Rs 65 lakh by mortgaging fake gold in the bank. 

The incident came to light in Mancherial town after Sumit Kumar, who was  posted as new manager of Indian Bank, lodged a  complaint with the police on January 22.

In his complaint, the branch manager stated that the amount was embezzled by mortgaging fake gold in the last three years and suspected that the involvement of retired Assistant manager of the bank Ellaiah and appraiser Thangallapalli Shravan, who values the gold on behalf of the bank.

The bank manager found this anomaly on the observing that all the customers who had taken gold loans remained defaulters. They neither paid installments nor the principal amount even after taking gold loans.

Recently, the bank staff decided to auction of the 350 packets of mortgaged gold and tried to get the value evaluate the value by another appraiser as the regular appraiser Thangallapalli Shravan was not available.

Mancherial CI Sudhakar said they booked cases against retired bank Assist manger Ellaiah, appraiser Thangallapalli Shravan and bank customers who had taken loans by mortgaging fake gold Brahmananda Chari, Pusala Shyamsunder, Pusala Rajesh and Narsingoju Satish.

It is said that retired bank Assist manager Ellaiah and appraiser Shravan siphoned off Rs 65, 33, 917 in the name of 43 bank customers by recruiting four customers as middlemen.

Investigation is on to find out how many customers secured bank loans by mortgaging fake gold and whether they did it in collusion with the bank staff. Police are also probing why the previous bank manager neglected the recovery of the loans.