Hyderabad, May 13: Police in Medak uncovered a major bank fraud after a branch manager allegedly pledged fake gold ornaments and secured loans worth more than Rs 1.49 crore from his own bank.
The accused, identified as Yadam Anil, worked as the manager of Adarsh Cooperative Urban Bank in Medak district.
According to police, Anil allegedly used fake gold ornaments to obtain loans in the names of his wife and friend.
Investigators said the accused also diverted Rs 31.35 lakh during ATM cash deposit transactions.
Police launched an investigation after the bank management lodged a formal complaint regarding financial irregularities in the branch.
Police Arrest Three Accused
During the inquiry, police reportedly confirmed the allegations against the bank manager.
Officials said Anil absconded after the fraud came to light.
However, police arrested his wife Sravanthi, his friend Subramanyam and the bank’s gold loan auditor Srinivasa Chary.
Police said the trio allegedly played a role in the fake gold loan transactions.
Special teams are searching for Anil, who remains absconding.
Earlier Fraud Case Found
During the investigation, police discovered that Anil had allegedly committed a similar offence earlier in Andhra Pradesh.
Officials said he was previously involved in a fraud case in Velairpadu and had even served jail time.
Despite the earlier case, police said he allegedly repeated similar offences after his release.
Investigators are now examining additional financial records and loan documents to determine whether more fraudulent transactions took place at the branch.
Police suspect the fraud may have continued for a prolonged period before detection.
Authorities are also verifying the total financial loss suffered by the bank.
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