10 Bank Employees Arrested For Fraud
Hyderabad: Ten Indian Overseas Bank (IOB) officials have been arrested in the wee hours of Wednesday here on charges of corruption. Two of the arrested persons are retired employees. The arrests were in connection with a ₹6 crore fraud case.
The officials were accused of cheating Hyderabad Metropolitan Development Authority (HMDA) by indulging in fraudulent withdrawals.
There are senior officials among the arrested. According to a press statement released by the police late in Tuesday evening, the persons who were arrested are Senior Manager of Mehdipatnam branch T Srinivasa Rao, Assistant Manager of Adarshnagar branch G Manjula, Assistant Manager of Chikkadapally branch Ravichandra, other employees by name Padmanabhan, Krishna Malini Narasimhan, Radhika, RV Pandu,
Ranga Sarma, Bayamma, Rama Chary and Balakrishna. The last two are retired assistant managers.
The crime took place between 2008 and 2016 and the prime accused is Lunavath Sankar Naik. Vijay Mohan Krishna and Raju Ahmed are the other accused. All the three accused were arrested in March. The three outsiders in connivance with the bank employees were alleged to have forged the cheques issued in favour of Sai Security Services. The bank had availed the services of Sai Security Services and paid for the same by way of 55 cheques amounting to ₹77,67,735. According to the police, the prime accused Naik in connivance with Mohan Krishna, auditor at HMDA, had opened fake accounts in the name of Sai Security Services. Ahmed also was reportedly involved in this matter. They together altered some of the cheques issued by HMDA and defrauded to the extent of ₹ 6.03 crore. All the employees involved in the swindle were identified and arrested. They were charged under IPC and other laws for cheating and forgery.