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A big fraud has been reported in SBI branch in Chennur Telangana. A scam of approximately Rs.14 crore has been reported from State Bank of India’s Chennur SBI-2 branch. This scam was discovered in an internal audit conducted by Bank.
Gold ornaments worth nearly ₹13 crore and over ₹1 crore in cash are missing from Branch. Majority of this Gold was pledged as security against Gold loan. A routine audit started on Wednesday and the scam was discovered on Friday. SBI officials noticed mismatches between pledged gold and deposited cash records.
Since the gold is missing, it is obvious that some staff members must be involved in the scam. The gold vault can only be opened using the keys held by bank staff.
After initial investigations, bank officials became suspicious of branch cashier, who is a resident of Settipally village in Jaipur mandal. He fled soon after the audit began and has been unreachable since Wednesday. His phone is also switched off.
The branch manager has informed the police. A joint investigation by the bank and police was conducted. Officials are searching records, questioning staff, and cross-checking documents to investigate the scam.
The customers of the bank are worried about their Gold and Cash. The Bank Management has assured the customers that their Gold and Cash will be returned soon.
SBI Chennur Regional Manager Ritesh Kumar has said that the investigation is ongoing and SBI will provide all support to the customers. He has requested the customers not to panic and assured them that they will get back their hard-earned money.
The Gold loan scams are increasing in Banks. Recently, Rs.25 Crore Gold Loan Fraud has been reported in UCO Bank Bhopal Madhya Pradesh. Gold loan was provided against fake Gold as security. [Click here to read this scam]
Also Read: Big Fraud in SBI Faridkot! Wife of Cashier Arrested, SBI refunds money to Public
Also Read: Rs 2.25 crore Loan Fraud in SBI in Bareilly, Fake Firm created and Loan Taken from SBI
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