Visakhapatnam: Central Bureau of Investigation (CBI), Vizag branch, registered a case after State Bank of India (SBI) unearthed Rs 7.07 crore gold loan scam in its Sakhinetiapalli branch.

CBI officials on Thursday raided different locations including the houses of SBI staff of the Sakhinetipalli branch.

As per the FIR registered by CBI, Senior Associate and Cash-in-Charge of the SBI, Sakhinetipalli branch, Rapaka Venkata Ramana Murthy has reportedly credited Rs.6.69 crore into 319 savings accounts by creating fake gold loans without the pledged yellow metal. Later he sanctioned the gold loan of over Rs 38 lakh beyond the worth of the pledged gold ornaments in over 37 cases.

Internal bank investigation unearthed the Rs.7.07 crore gold loan scandal. The scandal period was between December 2016 and January 2021. A Nageswara Rao, Branch Manager (Regional Business Office-Rajamahendravaram) immediately lodged a complaint with CBI.

CBI led by Superintendent of Police, Vizag branch, P Vimaladitya registered a case against R Venkata Ramana Murthy on charges of criminal conspiracy, forgery, and breach of trust. The SBI also initiated departmental action against the four persons for their alleged role in the scam.

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