CID launches probe into multi-crore bank fraud in Andhra Pradesh
GUNTUR: The scam at the ICICI Bank branches in Chilakaluripet and Narasaraopet of Palnadu district, involving several crore, has escalated, prompting the Andhra Pradesh Crime Investigation Department (AP CID) to launch an investigation.
The fraud surfaced about 10 days ago when some customers, concerned about not receiving interest on their fixed deposits (FDs) for two months, approached bank officials. It was soon found that the bank did not have records of their FDs.
As the case unfolded, over 60 victims came forward, revealing the extent of the scam.
Preliminary investigation has pointed to D Naresh, a former branch manager, as the primary suspect. Naresh is believed to have misappropriated money from the FD accounts for personal use.
Additionally, mortgaged gold items were either sold or re-mortgaged in other banks for profit. His fraudulent activities were not limited to the Chilakaluripet branch, but extended to Narasaraopet.
Naresh’s history with the bank reveals a pattern of deceit. Prior to his time at Chilakaluripet, he worked at Narasaraopet and Vijayawada branches. His tenure in Vijayawada saw him suspended for misappropriating Rs 65 lakh. Despite this, he was appointed as the Chilakaluripet branch manager in April 2017, where he developed a rapport with customers, offering them high interest rate on their FDs, and using their funds for his own benefit.
He convinced them to trust him with their One Time Passwords (OTPs) and continued paying monthly interest from his personal account, which helped mask his fraudulent activities for a time.
Naresh was not acting alone. Along with a gold appraiser at the Chilakaluripet branch, he took advantage of customers, particularly those who lacked an understanding of banking processes.
Together, they manipulated the system to their advantage. In 2021, Naresh was transferred to Narasaraopet branch, where he continued his fraudulent practices, deceiving over 100 customers in the two branches.
The bank has investigated the irregularities at both branches and assured customers that their interests will be safeguarded. However, the situation took a tragic turn when the gold appraiser involved in the scam reportedly attempted suicide after the scandal became public. He has been receiving treatment at a private hospital in Guntur.
Speaking to TNIE, Palnadu district Superintendent of Police Kanchi Srinivasa Rao confirmed that as several customers of the bank have been cheated, the APCID has taken up the case.
Chilakaluripet MLA Prathipati Pulla Rao also confirmed that the CID is actively investigating the scam. He met the bank officials and urged them to take swift action to recover the victims’ money.
The MLA also spoke to CID Additional DG Ravi Shankar Ayyannar over the phone, and urged him to conduct a thorough inquiry into the scam. Prathipati assured the victims that the TDP-led NDA government will provide them all necessary support.