SBH Manager swindles Rs 75-lakh fixed deposit

HYDERABAD: The manager of a nationalised bank was arrested on Monday for allegedly stealing money from the fixed deposit of a customer. The accused, T Madhavi Prasanna of Nizampet, is th

Published: 07th February 2012 04:31 AM  |   Last Updated: 16th May 2012 05:52 PM   |  A+A-

HYDERABAD: The manager of a nationalised bank was arrested on Monday for allegedly stealing money from the fixed deposit of a customer.

The accused, T Madhavi Prasanna of Nizampet, is the manager of State Bank of Hyderabad branch at Mindspace Raheja near Hitec City.

Police said, Madhavi had, while working at the Chengemul branch in Rangareddy district in the past,  borrowed Rs 15 lakh from local farmers who approached her for loans. From there she was transferred to Nizampet and then to Mindspace branches. As the farmers started demanding that she return their money, she resorted to the fraud, police said.

Madhavi stole Rs 75 lakh from a fixed deposit of a customer, V Sai Prabhakar. She transferred the amount to various bank accounts of her relatives and friends. She used the money to clear her debts and invested in real estate in Mumbai.

The fraud came to light in October last year when Prabhakar wanted to transfer money to another branch at Kukkatpally. With the bank authorities saying there was no money in the FD, he took up the matter with senior officials who conducted an internal inquiry and found Madhavi guilty. She was suspended and a police complaint was lodged by bank authorities.

Madhavi, who had been absconding, was arrested at her relative's house on Monday. Cases under Sections 406 (criminal breach of trust) and 409 (criminal breach of trust by banker) were registered against her.

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