CBI books SBI official for causing Rs 7.07 cr loss to bank

The Central Bureau of Investigation (CBI) said on Wednesday that it has booked an official of the State Bank of India in Andhra Pradesh for causing the bank loss to the tune of Rs 7 crore, besides carrying out searches at three different locations.
A CBI spokesperson said that the agency has booked Rapaka Venkata Ramana Murthy, an award staff and cash in-charge of the SBI's Sakhinetipalli branch in Andhra Pradesh's East Godavari district.

The official said that Murthy was booked over allegations that he used to create gold loans accounts in CBS without having pledged the required gold ornaments.

In the complaint, the bank also alleged that during the period between December 30, 2016 and January 1, 2021, he credited loan amounts to 319 savings accounts of 246 members, involving an amount of Rs 6.69 crore, where gold loan bags were not traceable.

It further said that in 37 cases, the gold loans sanctioned were more than the value of the gold ornaments, amounting to Rs 38 lakh.

It said that the accused had fraudulently created gold loan accounts in the name of several persons and caused the bank a loss of Rs 7.07 crore.

The spokesperson said that the agency sleuths carried out searches at the office and residential premises of Murthy and others at three locations in Andhra Pradesh, which led to the recovery of incriminating documents.-IANS