Police Case Filed Against SBI Branch Manager For Illegally Withdrawing Over 1 Crore from Customers’ Accounts

The branch manager of the Rayadurgam branch of the State Bank of India (SBI) is alleged to have taken out more than 1 crore from various customers’ accounts.

This issue came to light when the SBI regional manager received complaints from customers and double-checked their accounts and transactions.

According to sources, the manager, named Phani Kumar, pinpointed customers with significant deposits in the bank but whose mobile phones were not linked to their accounts. He then focused on customers who didn’t visit the branch regularly.

Reportedly, Phani Kumar began taking money from the accounts of these identified customers by using fake signatures. He moved the funds into his own account as well as those of his family members. He began with a withdrawal of 20 lakh in December. More recently, he pulled out over 1 crore from different accounts.

After receiving complaints from customers, SBI regional manager Venkateswar Rao examined the records and discovered that Phani Kumar had withdrawn at least 1.06 crore from the accounts of the bank’s customers.

Following this discovery, Venkateswar Rao filed a complaint with the Rayadurgam police, who have now filed a case.