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SBI staffer siphons gold, invests in stocks
The Crime Investigation Department (CID) on Thursday arrested two bank employees on the charge of committing a fraud in a nationalised bank in the city. According to information, Krishna Chaitanya, an employee of the Gayatrinagar branch of the State Bank of India was alleged to have diverted gold jewellery weighing 10 kg from his branch to a private bank and secured a loan of Rs 2.4 crore by pledg
Vijayawada: The Crime Investigation Department (CID) on Thursday arrested two bank employees on the charge of committing a fraud in a nationalised bank in the city. According to information, Krishna Chaitanya, an employee of the Gayatrinagar branch of the State Bank of India was alleged to have diverted gold jewellery weighing 10 kg from his branch to a private bank and secured a loan of Rs 2.4 crore by pledging them with the help of Phani Kumar. Phani Kumar was incidentally working in the private bank’s Machavaram branch.
According to information, nearly 20 SBI customers pledged the jewellery and obtained loans of Rs 1.9 crore from the Gayatrinagar branch some time ago. The fraud reportedly saw light of the day when some customers questioned the bank authorities for their failure to give them back their jewellery after repaying loans. The tainted SBI staffer was accused of investing the money which he raised as a loan from the private bank with the customers’ jewellery as collateral security in stock market.
Krishna Chaitanya allegedly continued with the fraud by diverting the jewellery in phases for the last one-and-a-half year. Under pressure from the customers, the SBI branch manager complained to the police. The CID sleuths conducted searches in the private bank and recovered the jewellery. Meanwhile, the worried gold loan borrowers made a beeline to the SBI branch to redeem their jewellery by clearing the dues.
