The Cyberabad Economic Offences Wing (EOW) unearthed a ₹4.8-crore loan fraud scheme at the Sanathnagar branch of State Bank of India (SBI) and arrested eight associates involved in it.
The arrested individuals include Mattepally Srishanth, Pole Vishal, Dagala Raju, Sudhansu Shekhar Parida, Md. Wajeed, U. Sunil Kumar, Bhaskar Goud and Amanchi Upender. The police said Karthik Rai, former SBI Sanathnagar Branch Manager who facilitated the fraudulent loans for a 5% commission was arrested by the Sanathnagar police on May 20. The incident came into light following a complaint by Ramachandra Raghavendra Prasad Paparapatti, SBI Manager, Sanathnagar Branch.
The arrested individuals exploited the bank’s lending process through fraudulent loan approvals, forged documents, and illegal fund diversions. Between June 2020 and June 2023, Karthik Rai allegedly facilitated unauthorised loans by approving applications backed by falsified salary slips and fake identification documents. In exchange for a 5% commission, Karthik Rai misused his managerial position to approve loans without following proper verification protocols, enabling large-scale fraud, the police said.
Investigation revealed that ₹4.8 crore was diverted through 67 bank accounts. The systematic scheme to secure unauthorised loans was led by Md. Wajeed. T Dagala Raju, a loan agent, recruited Mattepally Srishanth and Pole Vishal to pose as employees of Telangana State Residential School and College for Girls. The loan approvals were obtained using falsified documents in exchange for a commission.
Sudhansu Shekhar Parida managed the creation of counterfeit salary slips and ID cards, with assistance from Amanchi Upender, who operated Match Well Xerox in Prakash Nagar, Begumpet. Bhaskar Goud, a stamp maker, provided rubber stamps to authenticate the documents.
With Karthik Rai’s consent, the gang misrepresented applicants as salaried employees, allowing eight loans totalling ₹1.02 crore to be sanctioned under fraudulent pretences. The group collected a 30% share of the loan amount, totalling ₹30 lakh, which was divided among the conspirators, including Karthik Rai, and transferred to third-party accounts.
Moreover, Karthik Rai deceived customers by claiming that their existing bank loan was being closed and that a fresh loan would be sanctioned. He approved new loans and diverted the funds to third parties. He also transferred customers’ Fixed Deposit amounts to third parties by misleading them. Rai lured customers with promises of high profits through mutual funds, then diverted the amounts to third parties.
In cases of a customer’s death, the police found that Karthik Rai claimed the funds without the knowledge of the deceased’s legal heirs.
Published - November 07, 2024 09:26 pm IST
