Andhra Pradesh: SBI employee held for fleeing with Rs 91 lakh

He also replaced deposited gold ornaments with duplicates to pledge them in private financial institutions

Published: 13th June 2018 03:18 AM  |   Last Updated: 13th June 2018 03:18 AM   |  A+A-

ASP Azmi produces the accused along with seized cash and gold jewellery before the media in Kadapa on Tuesday | Express

By Express News Service

KADAPA: A State Bank of India employee was on Monday night arrested for fleeing with Rs 91 lakh from the bank’s cash chest.

M Gurumohan Reddy, the cash in-charge of SBI’s Rangasamudram branch, allegedly stole the amount to tide over losses he had suffered while investing funds previously misappropriated from the bank in the share market. He is also understood to have pledged gold deposited in the bank for money. Two other persons who provided shelter to the accused have been taken into custody.

“Reddy, who used to deposit cash in ATMs, would not deposit the whole amount and fudged figures in records to avoid getting caught. He also replaced deposited gold ornaments with duplicates to pledge them in private financial institutions,’’ additional superintendent of police Adnan Nayeem Asmi explained and added that Reddy put the money in his wife Manjulatha’s SBI account in Rangasamudram before transferring it to his HDFC, Proddatur Branch, account.

“To come out of his losses, he stole `91 lakh and fled on March 28 with his wife,’’ the Additional SP said. As he did not turn up at the bank for days together, bank manager Krishna Reddy lodged a complaint with the Proddatur police, leading to his arrest.

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