The Central Bureau of Investigation (CBI-Visakhapatnam) has intensified the investigation into the alleged gold loan fraud worth ₹7.07 crore in the State Bank of India’s Sakhinetipalli branch in East Godavari district.
A CBI team led by investigation officer Mr. Manohar Reddy on Thursday conducted raids on targeted locations, including the houses of the SBI staff of the Sakhinetipalli branch.
According to the FIR registered by the CBI-Visakhapatnam on June 21, cash in-charge Rapaka Venkata Ramana Murthy reportedly credited ₹6.69 crore into 319 savings accounts by creating fake gold loans without any pledged gold. In the case of 37 gold loan accounts, he had sanctioned loans beyond the worth of the pledged gold ornaments.
“The petitioner, A. Nageswara Rao, branch manager (Regional Business Office – Rajamahendravaram), stated that the bank’s internal investigation has unearthed the ₹7.07 crore gold loan scam in May,” according to the FIR. The fraud happened between December 2016 and January 2021.
The CBI registered a case against Mr. Venkata Ramana Murthy on the charges of criminal conspiracy, forgery and breach of trust.
The SBI also initiated departmental action against four other staff members identified as branch managers K. Paramesh and K. Kishore Kumar and service managers V. Kameswari and S. Veera Venkata Ramana for their role in the scam.
