The Crime Investigation Department (CID) of Telangana police has arrested a manager from IDBI bank in Mumbai in connection with a Rs 2.8 crore fraud case. The case, which was registered in 2021, involves the sanctioning of unauthorized loans to 305 individuals between 2015 and 2016. The arrested manager, Bukya Suresh, had previously worked as an assets officer at the Sattupally branch, where the alleged fraud took place. Suresh was produced before a magistrate and sent to judicial remand, bringing the total number of arrests in the case to seven.
The case involves the disbursement of Rs 2.61 crore in Kisan Credit Card loans to 279 farmers and Rs 25 lakh in microloans to 26 individuals. The loans were allegedly sanctioned using forged pattadar pass books, which were submitted as part of the loan approval process. The scam was uncovered during an internal audit in 2018-19, which revealed procedural lapses and suspicious financial transactions. A subsequent investigation by the bank and revenue authorities confirmed that the documents used to secure the loans were fake.
The main accused in the case include Nallagopula Ramesh, the former branch head of Sattupally IDBI, and Chettipogu Suresh, a business correspondent of the bank. They are alleged to have colluded with associates to process the loans using fake documents. The case has been registered under relevant sections of the Indian Penal Code (IPC).
The arrest of Suresh comes two weeks after five others were taken into custody in connection with the same case. The CID is continuing its investigation into the matter, and it is likely that further arrests will be made. The case highlights the need for banks to have robust internal controls and audit mechanisms in place to prevent such frauds from occurring. It also underscores the importance of swift action being taken against those involved in such fraudulent activities to prevent them from causing further harm to the banking system.