Vijayawada SBI cashier arrested for duping farmers of cash, gold worth Rs 80 lakh

The Vijayawada police recovered Rs 20 lakh in cash and 2 kg gold worth Rs 61 lakh from the employee posted at Paritala branch of SBI.
For representational purposes
For representational purposes

VIJAYAWADA: A State Bank of India (SBI) cashier was arrested here on Sunday for reportedly diverting cash and golds pledged by customers. The accused employee, Godavarthi Srinivas Rao, is posted at the Paritala branch of the bank.  

The police recovered Rs 20 lakh in cash and 2 kg gold worth Rs 61 lakh, which was later handed over to the bank. During the investigation, it was found out that he reportedly committed irregularities to the tune of Rs 80 lakh by issuing fake loans from the gold pledged by farmers. 

Though the incident happened a few months ago, it came to light when some farmers lodged a complaint with the police.

According to the Kanchikacherla police, the bank official was made in-charge to oversee gold loans due to his good relations with branch manager G Om Prakash. Taking advantage of his situation, Rao issued fake loans with the gold pledged by the customers and used the money for his personal needs.

“When the farmers came to take back their gold, he gave evasive answers and asked them to come later. Miffed with his behaviour, they took the issue to the manager’s notice and the fraud came to light,” the police said.

A car worth Rs 6.25 lakh was also seized from his possession. He will be produced in court on Monday.

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