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Tanuku SBI official axed for note exchange fraud
A fresh fraud involving exchange of scrapped notes from one account to the other through fraudulent means reportedly surfaced in a nationalised bank in Tanuku on Monday.
Eluru: A fresh fraud involving exchange of scrapped notes from one account to the other through fraudulent means reportedly surfaced in a nationalised bank in Tanuku on Monday.
Top-notched realtors, industrialists, politicians and financiers are alleged to have benefited in changing their black money into white with this modus operandi.
According to sources, KV Krishna Rao, an Assistant General Manager at State Bank of India, Tanuku branch, was suspended by higher officials after due inquiries for his alleged involvement in the offence.
According to sources, the fraud commenced from the day one Prime Minister Narendra Modi launched his war on cash on November 8.
The AGM was allegedly created 50 accounts with the help of photocopies of Aadhaar cards for transfer of cash in small denominations to the accounts of the beneficiaries of the fraud in three days.
According to RBI norms, the bank should pay Rs 24,000 to each person for one week. However, the AGM did not follow these norms while transferring the money. It is learnt that the AGM Krishna Rao used 60 to 80 photocopies to execute his nocturnal plan.
The fraud came to light when the RBI officials received a complaint. A team of the RBI officials descended on the SBI Tanuku main branch and took up an in-depth inquiry, checking all the ledgers and online transactions of various accounts.
In the process, they found the transfer of crores of rupees from various accounts to high-profiled people’s accounts in the SBI.
The RBI officials reportedly took one week to fathom the fraud. The RBI team has come to a conclusion that AGM Krishna Rao has accepted the demonetised currency through the backdoor and issued the small notes.
The CCI footages obtained from the bank were said to have given some clues to the RBI officials. After finding prima facie in the inquiry, the RBI officials reportedly recommended to the SBI higher ups for transfer of the ‘tainted’ official.
In turn, the State Bank of India (SBI) zonal manager placed him under suspension. The SBI higher ups appointed D Sunil Kumar as new Assistant General Manger (AGM) for Tanuku Branch.
When the big scam came to light, the SBI and RBI officials simultaneously started an inquiry against the bank officials and staff.
The bank topbrass when contacted for clarification remained tightlipped. However, the scam failed to catch the attention of police for want of a formal complaint.
