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Tuesday, December 5, 2023

SBI Branch Chief Manager Arrested for Rs. 1.07 Crore Financial Fraud


RAYADURGAM: Former Chief Manager of State Bank of India (SBI) Branch in Rayadurgam, SLN Phani Kumar, has been apprehended on charges of financial fraud within the bank. The alleged misconduct involved transferring a total of Rs. 1,07,30,023 from the accounts of bank customers to the bank accounts of his family members, including his mother.

The matter came to light when higher authorities conducted an investigation, leading to the recovery of the embezzled funds. Subsequently, Phani Kumar was suspended from his position. The bank’s management took the matter seriously and reported it to the Rayadurgam police.

In response, the Rayadurgam police formed two teams to locate and apprehend Phani Kumar. The accused managed to evade capture for two months by changing his location frequently, moving from Visakhapatnam to Vijayawada and then to Hyderabad. However, the efforts of law enforcement paid off as a team, led by Rayadurgam Circle Inspector Lakshmanna, succeeded in arresting Phani Kumar in Visakhapatnam.

This incident sheds light on the importance of maintaining transparency and accountability in financial institutions to prevent such fraudulent activities and protect the interests of customers and stakeholders.


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