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SBI Ramanthapur branch, Uppal manager, Ganga Mallaiah Bhageeratha, was arrested by the police for siphoning Rs 3.3 crore from customers’ loan accounts. The accused then transferred the amount into the accounts his own and those of his family members.
He has been accused of cheating, criminal conspiracy, forgery and criminal breach of trust. The amounts were siphoned off from over 20 accounts in denominations of Rs 15 lakh each, said the police to TOI.
Bhageeratha committed the crime alongwith Shaik Saidulu, manager of CAG branch, Banjara Hills. They sanctioned personal loans to ineligible accounts in various SBI branches across Telangana by submitting fake and fabricated documents with forged signatures.
The accused claimed that the loans that were sanctioned to these accounts were higher than the eligible amount and made the account holders transfer the difference into their accounts on the pretext of depositing the amount into the bank.
Bhageeratha was sent to judicial remand on Tuesday. Saidulu was already arrested by Hyderabad police a few days ago.
He has been accused of cheating, criminal conspiracy, forgery and criminal breach of trust. The amounts were siphoned off from over 20 accounts in denominations of Rs 15 lakh each, said the police to TOI.
Bhageeratha committed the crime alongwith Shaik Saidulu, manager of CAG branch, Banjara Hills. They sanctioned personal loans to ineligible accounts in various SBI branches across Telangana by submitting fake and fabricated documents with forged signatures.
The accused claimed that the loans that were sanctioned to these accounts were higher than the eligible amount and made the account holders transfer the difference into their accounts on the pretext of depositing the amount into the bank.
Bhageeratha was sent to judicial remand on Tuesday. Saidulu was already arrested by Hyderabad police a few days ago.
