[ad_1]
A money in-charge of the State Bank of India’s department at Samanasa beneath the Amalapuram rural police station limits in East Godavari district was arrested on Sunday on the charge of stealing gold from the financial institution to boost a mortgage of ₹1.05 crore towards it.
The accused, Bulusu Veera Venkata Satya Subramanya Sarma, allegedly resorted to the fraud between February 2019 and September 2020.
Modus operandi
Addressing the media, Amalapuram DSP Masoon Basha stated. “The accused created 25 gold loan accounts in the name of his family members, relatives and a few employees of the bank branch. The modus operandi is to steal gold from the lockers at the time of settlement of gold loans to genuine customers, and raise the loan against the stolen gold.”
“The accused resorted to the fraud to clear his personal debt of ₹55 lakh, which he had reportedly lost in agriculture in the recent years,” he stated, and added that the accused was arrested at one in every of his aqua ponds beneath the IPC Sections 420, 409, 465, 471 and 477 (A),” Mr. Basha stated.
The police swung into motion based mostly on a written grievance lodged towards the accused by SBI Regional Manager (Amalapuram area) on September 29. The fraud had come to mild in the course of the financial institution’s inner inquiry in August, and the accused was suspended on September 14.
[ad_2]
