SBI PPF Fraud Kanpur: In a serious case of financial fraud, the Sisamau police in Kanpur have arrested Jyoti Yadav, a former branch manager of the State Bank of India (SBI), and her husband Rahul Singh Yadav. They are accused of embezzling more than Rs 1 crore from the accounts of PPF (Public Provident Fund) holders and transferring the money to Rahul’s firm. The fraud occurred between January 7 and September 18, 2021, when Jyoti was serving as the branch manager of SBI’s GT Road branch in Kanpur.
How the Fraud Happened
Jyoti Yadav, in her role as branch manager, had access to the bank’s PPF accounts. She allegedly misused her position by creating fake documents, signatures, vouchers, and cheques to withdraw money from these accounts. The total amount she transferred was Rs 1 crore, 1 lakh, 78 thousand, and 80. This money was then moved to the bank account of her husband’s firm, Skyline Institute, without the knowledge of the account holders.
Discovery of the Fraud
The fraud came to light when an account holder filed a complaint with the bank, noticing something wrong with their account. The bank conducted an internal investigation, which revealed that Jyoti had been transferring money from the PPF accounts to her husband’s firm. Upon this discovery, the bank took immediate action. Praveen Baghel, the current branch manager of the GT Road branch, lodged a formal complaint (FIR) at the Sisamau police station on January 6, 2024.
Police Investigation and Arrest
Once the police began investigating the case, they found the allegations against Jyoti Yadav to be true. As a result, the police arrested Rahul Singh Yadav from his coaching center, Skyline Coaching Center, located in Harjinder Nagar. Jyoti Yadav was arrested from her home. Both were taken into custody and sent to jail.
This case serves as a reminder that even trusted individuals in key positions can misuse their authority. It highlights the importance of regular checks and balances in banking systems to prevent such incidents. The bank acted quickly after the account holder’s complaint, leading to a thorough investigation and the eventual arrest of those responsible.
This incident also encourages customers to keep an eye on their accounts and report any suspicious activity immediately to prevent further fraud.
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