Auditors and four, including former BMs and SMs, are implicated in the Rs.7.07 crore fraud, with money diverted to the 319 savings accounts
The Central Bureau of Investigation (CBI-Visakhapatnam) on Thursday stepped up its investigation into the suspected rupee 7.07 billion gold loan fraud at the Sakhinetiaplli branch of the State Bank of India in East Godavari district.
The CBI team, led by investigator Mr. Manohar Reddy, carried out the raids on the target locations, including the homes of SBI employees at the Sakhinetipalli branch, on Thursday.
According to the FIR registered by CBI-Visakhapatnam on June 21, Cash In-Charge Rapaka Venkata Ramana Murthy has reportedly added Rs.669 billion to the 319 savings accounts by creating fake gold loans without the pledged gold. With 37 gold credit accounts, he has also sanctioned the gold credit beyond the value of the pledged gold jewelry.
“The petitioner, A.Nageswara Rao, Regional Business Office-Rajamahendravaram, stated that the bank’s internal investigation in May uncovered the Rs 7.07 billion gold credit scandal,” according to the CBI FIR. The scandal period was between December 2016 and January 2021.
The CBI has filed a case against R.Venkata Ramana Murthy for criminal conspiracy, forgery and breach of trust.
The SBI has also taken departmental action against the four other employees identified as Branch Managers K. Paramesh and K. Koshore Kumar and Service Managers – V. Kameswari and S. Veera Venkata Ramana – for their roles in the scandal.