SBI PPF Fraud in Kanpur: Former Branch Manager and Husband Arrested for Embezzling Over Rs 1 Crore
SBI PPF Fraud in Kanpur: In a major financial fraud case, Jyoti Yadav, a former branch manager of the State Bank of India (SBI) in Kanpur, and her husband, Rahul Singh Yadav, have been arrested by Sisamau police for embezzling over Rs 1 crore from Public Provident Fund (PPF) account holders. The fraudulent activities took place between January 7 and September 18, 2021, while Jyoti Yadav was serving as the branch manager at SBI’s GT Road branch in Kanpur.
As the branch manager, Jyoti Yadav had access to PPF accounts and allegedly exploited her position by creating fake documents, including forged signatures, vouchers, and cheques. These fraudulent transactions enabled her to withdraw a total of Rs 1,01,78,080 from PPF accounts. The embezzled funds were then transferred to the bank account of her husband’s business, Skyline Institute, without the knowledge of the PPF account holders.
The fraud came to light when one of the affected account holders noticed discrepancies and filed a complaint with the bank. An internal investigation revealed that Jyoti had been illegally transferring money from the PPF accounts to her husband’s firm. Following this discovery, Praveen Baghel, the current branch manager of SBI’s GT Road branch, filed a formal First Information Report (FIR) at the Sisamau police station on January 6, 2024.
The police investigation confirmed the allegations against Jyoti Yadav. Subsequently, Rahul Singh Yadav was arrested at his coaching center, Skyline Coaching Center, in Harjinder Nagar, while Jyoti was apprehended at her residence. Both individuals were taken into custody and later sent to jail.
This case underscores the need for stringent oversight in banking systems to prevent such incidents. It serves as a reminder that even trusted employees in critical positions can misuse their authority. SBI responded swiftly to the customer’s complaint, leading to a thorough investigation and the arrest of those responsible. The incident also highlights the importance of customers regularly monitoring their accounts and reporting any suspicious activity immediately to help prevent fraud.
