The Cyberabad Economic Offenses Wing (EOW) unearthed a loan fraud scheme worth Rs 48 crore at the Sanathnagar branch of State Bank of India (SBI) and arrested eight associates involved in the scheme.
Those arrested include Mattepally Srishanth, Pole Vishal, Dagala Raju, Sudhansu Shekhar Parida, Maryland. Wajeed, U. Sunil Kumar, Bhaskar Goud and Amanchi Upender. Former SBI Sanat Nagar branch manager Karthik Rai was arrested by Sanat Nagar police on May 20 for facilitating fraudulent loans with 5% commission, police said. It came to light after SBI manager Ramachandra Raghavendra Prasad Paparapatti complained.
Those arrested took advantage of the bank’s lending process through fraudulent loan approvals, forged documents and illegal transfers of funds. It is alleged that between June 2020 and June 2023, Karthik Rai allegedly facilitated unauthorized loans by approving applications supported by forged pay stubs and false identity documents. Police said that in exchange for a 5% commission, Karthik Rai abused his managerial position and sanctioned loans without following proper verification protocols, leading to a massive fraud.
Investigation revealed that Rs 480 crore was transferred through 67 bank accounts. Dr. Wajid led a systematic program to secure unauthorized loans. Loan agent T Dagala Raju recruited Mattepally Srishanth and Pole Vishal to pose as employees of Telangana State Boarding School and Girls’ College. Loan approvals were obtained through forged documents in exchange for commissions.
Sudhansu Shekhar Parida, with the help of Amanchi Upender, who runs Match Well Xerox at Prakash Nagar in Begumpet, successfully produced fake salary slips and identity cards. Stamp maker Bhaskar Goud provided rubber stamps to authenticate the documents.
With the consent of Karthik Rai, the group misrepresented the applicants as salaried employees and sanctioned 8 loans totaling Rs 1.02 crore on the pretext of fraud. The group collected 30% of the loan amount, amounting to Rs 30 lakh, and distributed it among the conspirators, including Karthik Rai, and transferred it to a third party account.
Additionally, Karthik Rai deceived customers by claiming that their existing bank loans would be closed and new loans would be sanctioned. He approves the new loan and transfers the funds to a third party. He also transferred fixed deposit amounts to third parties by misleading customers. Rye lured clients with promises of high profits on mutual funds and then transferred the funds to third parties.
At the time of the client’s death, police discovered that Karthik Rai had claimed the funds without the knowledge of the deceased’s legal heirs.
Published – November 7, 2024, 9:26 pm (IST)
