HYDERABAD: The Central Bureau of Investigation registered a case against 10 persons and a few others working with the Telangana Grameena Bank located at Aziznagar in Moinabad for cheating, forgery and falsification of accounts.
The case was registered, following a complaint by the bank’s regional manager M. Ravinder Reddy. During preliminary investigation, bank officials found that `8.94 crore was misappropriated.
The FIR registered by CBI said the fraud took place between July 2010 and January 2018. It named ten persons – Madi Jaipal Reddy, 34, office assistant; J. Moses, 59, branch manager/accountant; K. Laxmi Narsaiah, 57, branch manager; K. Chandraiah, 59, branch manager, G. Srinivasa Rao, 59, branch manager; E. Rajanna, 59, branch manager; B. Ravikanth, 53, bank officer; V.V.J. Rama Rao, 61, retired bank employee; P. Guru Prasad, 31, accountant, Madi Srinivas Reddy, sweeper, and others.
The CBI received a complaint on February 7 from bank officials about the fraud that came to light last month after an internal audit. They later approached the local police. As the bank officials suspected the fraud would run into crores, they approached the CBI and lodged a complaint.
CBI officials said the fraud took place over a period of about eight years and the main person who hatched the conspiracy was M. Jaipal Reddy, who worked as office assistant at the Aziznagar branch. “During preliminary inquiry, we came to know that the bank employees and eight other persons were involved in the fraud. They adopted various modus operandi to misappropriate the deposits of the public,” said a CBI official.
The employees tampered with face value of term deposit receipts (TDR’s) while doing online entry in the computer system by omitting the digit ‘0’. They also did not enter the transactions in account books, did not have physical issue of TDRs and regenerated old TDRs after accepting the funds.
“The money was transferred to the NEFT to the bank accounts of the third parties connected with the fraud. Jaipal Reddy had successfully committed the fraud because of the gross negligence of the branch manager and non-adherence to the systems and procedures,” CBI officials said.
The CBI invoked Sections 120 B r/w 420, 468, 477A IPC and U/s 13 (1)© and (d) of PC Act 1988.