The Tirupati Urban police have solved the fraud case reported in the Srikalahasti branch of Fincare Bank by arresting seven persons, including its operations manger on Thursday.
The accused have been identified as bank operation manager Elavarthi Sravanthi and his accomplices C. Naveen, Sk. Sultan Mohammed, D. Vijay Kumar, J. Mohammed Hussain, Jagadish Kumar, B. Anthony Raj and V. Arun. Superintendent of Police P. Parameswara Reddy produced the accused before the media on Thursday.
According to the police, Ms. Sravanthi allegedly pledged gold ornaments weighing 1 kg deposited by the customers with private financial institutions to avail of loans. She allegedly engaged her friends to tie her up and steal the jewellery and cash from the bank, in a bid to project it as a robbery.
The police recovered 1274 grams of gold jewellery worth ₹1 crore and ₹3.5 lakh in cash from the accused. Cautioning private banks and institutions to check the credentials of their employees, the SP said that periodical auditing could have prevented such a situation.
Meanwhile, the Fincare Bank, in a release, said that the management extended cooperation during the investigation. Referring to the ‘zero-tolerance policy’ for misconduct, the bank assured its stakeholders to improve its security and operational controls.
