Adilabad bank fraud: Main accused nabbed

District Superintendent of Police D Uday Kumar Reddy said that the accused, P Sripath Kumar, used the money for online betting.

Published: 20th March 2022 04:49 AM  |   Last Updated: 20th March 2022 04:49 AM   |  A+A-

Handcuffs, Arrest

(Representational Photo)

By Express News Service

ADILABAD: The Adilabad district police on Saturday arrested the main accused in the District Cooperative Central Bank (DCCB) Bela branch fraud of Rs 2.85 crore and recovered an amount of Rs 98,15,419 which was sent to various accounts.

District Superintendent of Police D Uday Kumar Reddy said that the accused, P Sripath Kumar, used the money for online betting. The SP said that on March 13, Adilabad DCCB Assistant General Manager Gaddam Srinivas went to Bela police station and lodged a written complaint that ADCC Bank Bela branch had misappropriated Rs 2.85 crore. Police registered a case under various section of IPC and started an investigation.

During the investigation it was found that staff assistant Sripath was addicted to online betting and had created fake accounts in the name of Doktala Primary Agricultural Credit Society (PACS) and Bela PACS societies, without taking the permission of the bank manager and without providing any relevant documents. A total of Rs 2.85 crore was transferred to the bank account of his wife P Himabindu and his relatives through fake loan accounts. 

He then transferred money to the accounts of his co-employees including branch managers, Bandi Ramesh, S Praveen, G Praveen, Rahul, M Savita, Praneeth, B Venugopal, Nitin and Ramesh. Sripath was betting online and lost money to Satyadev Technology, Poonam Boutique and other betting agencies.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp