Hyderabad, Nov 8 (Representative) The Economic Offences Wing (EOW) of the Cyberabad Police Commissionerate has dismantled an elaborate loan fraud scheme at the SBI Sanathnagar Branch by arresting eight accused in defrauding the bank of Rs 4.8 crore. The accused included former Branch Manager Karthik Rai and a group of associates who colluded to exploit the bank’s lending process through fraudulent loan approvals, forged documents, and illegal fund diversions, said K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad, in a release here on Thursday. Based on a complainant lodged by Ramachandra Raghavendra Prasad Paparapatti, SBI Manager, Sanathnagar Branch, a case under sections 420, 409, 467, 468, 471, 477(A), 120 (B)of IPC was registered against the accused at the EOW Police station, Cyberabad Karthik Rai, who facilitated the fraudulent loans for a 5 percent commission, was arrested by Sanathnagar Police on May 20, 2024 while the remaining accused were arrested on Saturday.
Mattepally Srishanth and Pole Vishal who posed as employees of Telangana State Residential School and Colleges for Girls (TSRSCG),obtained a loan of Rs15 lakh each using fake and fabricated documents; Dagala Raju, a loan agent; Sudhansu Shekhar Parida, who managed the creation of forged documents; Md. Wajeed, the Principal organizer who coordinated the group’s activities and facilitated meetings; U. Sunil Kumar, who assisted in recruiting applicants and obtaining fake documentation; Bhaskar Goud, a stamp maker and Amanchi Upender, a Xerox shop owner; who created forged salary slips and ID cards were arrested. The fraud took place through various methods across 67 accounts in the 4.8 Crore Loan Fraud Scheme at SBI Sanathnagar Branch. During the investigation it was found that this organized scheme, involving falsified salary slips, fabricated identity cards, and manipulated documents, exposed severe breaches in verification procedures and internal controls within the bank. The case is being investigated by S. Ravinder, ACP, Economic Offences Wing Police station, Cyberabad.