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A shocking case has been reported from Canara Bank in Malleshwaram in Bengaluru. A senior bank official has allegedly orchestrated a massive fraud amounting to ₹3 crore. The incident has left several customers distressed and has once again highlighted vulnerabilities within the banking system.
Whether the manager is at fault or there is another side to the story will become clear once the manager’s version is revealed.
The accused, Raghu, who was serving as a Senior Manager at the Canara Bank branch in Malleshwaram, is alleged to be the mastermind behind the fraud. According to preliminary information, he availed loans totalling more than ₹3 crore in the names of around 21 customers and subsequently went absconding.
Police sources said Raghu gained the confidence of customers by portraying himself as being in severe personal and financial distress. He reportedly told them that he was facing family problems and sought their help in securing loans in their names.
Customers said that he claimed that he possessed gold and intended to obtain loans by pledging it. However, he allegedly told customers that since he worked at the same bank, there were “technical difficulties” in availing a loan in his own name, and requested them to apply instead.
Trusting his words and respecting his position as a senior bank official, the customers provided their signatures for loans. Raghu then misused his authority to disburse loans using only those signatures, without pledging any gold, and siphoned off the money.
The fraud came to light when loan instalments were not repaid and irregularities surfaced during an internal audit of the bank. As scrutiny intensified and the likelihood of exposure increased, Raghu allegedly fled, leaving the affected customers in financial distress.
A complaint has been lodged at the Malleshwaram police station, following which a case has been registered. Police have launched a search operation to trace the absconding manager and recover the misappropriated funds.
More details will be released soon.
