Hyderabad, Feb 2 (UNI) The city police arrested former Chief Manager and former Manager of the Mallepally branch of State Bank of Hyderabad, along with another person, for cheating the bank to the tune of Rs 85.50 lakh on January 31.
According to a police release, the accused A Satyanarayana Sharma had approached the bank on February 15, 2007 requesting to sanction personal loans to his colleagues, who were employees of Astrum Health Care, a pharmaceutical company.
The branch opened 44 SB accounts to different persons and the Chief Manager and Assistant Manager also sanctioned loans, to the tune of Rs 85.50 lakh.
When the bank officials conducted an inquiry it was learnt that the addresses provided were fake. It also revealed that then Chief Manager Upparapali Hari Prasad and Assistant Manager S Venkata Seshu Sai Ram issued the loans by violating the laid down norms and guidelines of the bank.
During the investigation it was revealed that Mr Sharma had created fake identity cards for 40 members and were falsely shown as employees of Astrum Health Care.
The Regional Manager of the Astrum Health Care C V L N Kantha Rao, who was in charge of Andhra Pradesh, had joined hands with Mr Sharma and created fake identity cards.
Having agreed to the bribe the Cheif Manager and Assistant Manager of the bank issued the loans, neglecting the bank guidelines between March 2007 and April 2007.
The arrested persons were produced before the XII Chief Metropolitan Magistrate here. Kantha Rao was still absconding and search was on to nab him.
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