ICICI bank officer held for involvement in 42.61 cr scam

Kolhapur, Feb 15 (UNI) Local crime branch sleuths today arrested an officer of ICICI bank's Sangli branch for his involvement in a Rs 42.61 crore scam.

Ravikumar Yaganti has been arrested for passing forged documents without verifying their authenticity.

A local court today remanded him to seven-day police custody.

Earlier, the police had arrested eight persons, including six brothers, for allegedly cheating ICICI bank to the tune of Rs 42.61 cr by submitting forged documents indicating that the family possessed huge stocks of grains to be offered as mortgage and stored at warehouses of Vakhar Mahamandal.

However, inquiries by the bank indicated that no such grains were stored as claimed by the family and the bank lodged a complaint with the police, which found the officer's involvement in the scam.

UNI