SBI AGM arrested in Rs.27 Crore Loan Fraud

Hyderabad: The Crime Investigation Department (CID) has arrested Assistant General Manager (AGM) of the State Bank of India (SBI) for his involvement in a loan fraud case worth Rs 27 crore that took place in 2013.

The officer, K Sanjay, is 53 years old and worked as a Relationship Manager at SBI’s SME (Small and Medium Enterprises) branch in Balanagar from 2009 to 2011. During his time at the bank, he is accused of helping a company named Adarsh Communications Pvt. Ltd. get a loan of Rs 27 crore by using illegal methods.

These illegal methods included:

• Accepting fake documents (forged papers).
• Falsely claiming that agricultural land was actually non-agricultural, so it could be used to get the loan.
• Ignoring bank rules and not properly checking or securing the property kept as guarantee (collateral) for the loan.

The main people behind Adarsh Communications are:

• M. Anjaneyulu (Managing Director)
• Manikonda Reeta (Director and his wife)

They were hiding from the police since 2013 but were finally caught by the CID in Bengaluru in May 2024.

Another bank employee, G. Ravindranath, who was working as a Customer Support Officer at the same branch, is also accused in the case. However, he has not yet been arrested.

According to CID officials, Sanjay and others broke bank rules, trusted fake documents, and failed to protect the bank’s money. Because of their actions, the bank lost a huge amount.

The charges filed against them include:

• Cheating
• Criminal breach of trust (breaking the trust given to them)
• Forgery (using fake documents)

K Sanjay was brought to court and is now in judicial custody (kept in jail by court orders until the investigation or trial continues). More details will be released soon.