16 Accounts, Fake Gold Loans: Telangana Bank Manager's Rs 1.80 Crore Fraud

A major fraud case has come to light at the Medak branch of Adarsh Co-Operative Urban Bank in Telangana, where a bank manager allegedly cheated his own bank by creating fake gold loans and diverting cash deposits. Police said the accused manager, identified as Anil, is currently absconding.

According to police, Anil was addicted to online betting and suffered heavy financial losses. To recover money, he allegedly planned a large fraud using his position inside the bank.

Police said Anil opened 16 bank accounts using the Aadhaar and PAN details of his wife, close friends and known persons. He then allegedly used tiny 1-gram gold ornaments and showed them as expensive genuine gold jewellery to obtain high-value gold loans from the bank. Through this method, he reportedly secured loans worth nearly Rs 1.49 crore. 

Anil is also accused of diverting cash deposits made through ATMs. During the investigation, police found that around Rs 31.35 lakh deposited by customers was allegedly misused instead of being credited properly.

The total suspected fraud amount is estimated to be more than Rs 1.80 crore.

Police officials said Anil had reportedly been involved in a similar cheating case earlier in Andhra Pradesh, and after complaints were filed in Medak, Telangana, a detailed internal inquiry was conducted by bank authorities, after which the matter was reported to the police.

Meanwhile, the police have arrested Anil's wife and his friend Subramanyam for their alleged role in the scam. Both were produced before a court and remanded to judicial custody.

Special teams have been formed to trace Anil, who has been missing since the scam came to light, and said efforts are underway to arrest him soon.