Salary account scam in Telangana: Four arrested for duping ICICI Bank of Rs 1.3 crore

Police found that five persons were involved in the fraud. One among the gang, Yadla Bhiksapati, died recently.

Published: 11th August 2022 03:35 AM  |   Last Updated: 11th August 2022 03:35 AM   |  A+A-

Express News Service

HYDERABAD: Four men were arrested on Wednesday for duping ICICI Bank, Nacharam branch to the tune of Rs 1.3 crore by creating salary accounts in the name of a fake company through a joint operation conducted by a Malkajgiri Special Operations Team and Nacharam police.

The mastermind Boda Srikanth, along with Banoth Sumanth, Bhukya Nagesh, Guddeti Gowtham and Yadla Bikshapathi conspired to create forged papers of a non-existent company, ‘Living Interior Design’ and availed salary accounts at ICICI Bank in Nacharam. To create bank accounts, Srikanth who hails from Warangal, approached his neighbouring villages and thandas and lured unemployed youth and housewives to give him their Aadhar cards on the pretext of providing loans at low rate interests. He then created the salary accounts on their names.

Rachakonda Commissioner of Police Mahesh Bhagwat said: “Boda Srikanth enrolled 53 persons as employees of the Living Interior Designer firm, opened savings accounts in ICICI Bank at Habsiguda, Ramanthapur and Uppal branches for crediting their salaries through the bank. Boda Srikanth further credited Rs 1 to Rs 2 Lakh salaries into the accounts of 34 credit card holders and raised their income range to get a good credit line for getting maximum purchase or credit limit.”

Using the facilities provided by the ICICI Bank for credit card holders, Srikanth withdrew a total amount of Rs 1,33,65,000  on 34 credit cards and paid a partial amount to the card holders by convincing them that had gotten loans at a meagre rate of interest. He then evaded repayment.

The accused floated two other fictitious companies: Yellow Lamp Interior Designers Pvt Ltd at Narapally and Brick and Rock Interiors Pvt Ltd at Manikonda and cheated the YES Bank, HDFC Bank and other banks similarly.

Upon constant reminders and notices sent to 34 account holders as they failed to pay any amount they availed with credit cards, the banks realised that the firm does not exist and approached the police.
Police found that five persons were involved in the fraud. One among the gang, Yadla Bhiksapati, died recently.

Mastermind Srikanth loved hotels, cars & Goa
Hyderabad: Mastermind Boda Srikanth who managed to hoodwink big banks such as ICICI, Yes Bank and HDFC bank, led a lavish life with the money he made through cheating these banks. While his associates were given a commission, Srikanth kept large chunks of the wealth to himself. He bought a house and two luxury cars, convincing his family that his business was doing really well.

He purchased a house in Medipally, a Ford Endeavor and Volkswagen car. He often travelled to Goa and north India in the cars. Srikanth loved luxury hotels, food and wine and collected artefacts.  However, perhaps realising that his lavish lifestyle led to weight gain, Srikanth embarked on a fitness spree and lost a lot of weight. So much so that police had difficulty in identifying if he was the same Srikanth when they arrested him.


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