Karimnagar: Union Bank of India Chest branch manager A M Suresh Kumar, who allegedly had links with private finance firm and realtors in Mumbai and Jabalpur, had ‘lent’ money to some of them on interest. In October 2018, Suresh had given Rs 5 crore to a person from Jabalpur and another Rs 7 crore in February this year to a person from Mumbai.
The person from Mumbai had reportedly assured him of Rs 25 lakh towards interest. The amount was shifted to Hyderabad in the bank’s money transportation vehicle under the protection of two security guards and handed over to the person in the State capital, the police said, adding that others delivered the money in different places.
The entire amount was withdrawn from the Union Bank of India’s Chest Branch creating the impression that the money was being shifted to various branches of the bank. Suresh Kumar got into trouble after the persons who got the money from him with the promise of returning it in a few days, failed to keep their word. With the audit dates approaching, the manager began contacting them over phone. When he failed to get response from them, he went to Mumbai only to realise that they had fled the country.
When an audit was conducted at the Manakondur branch on March 11, officials realised that Rs 12 crore was missing from the bank. Suresh had made entries in the record books that the cash was being transferred to Manakondur and other branches of the bank. When the audit officials questioned the Manakondur branch manager, he said the branch never received the money. After coming to know about the incident, Commissioner of Police V B Kamalasan Reddy spoke to the bank’s chief manager. Besides Suresh Kumar, custodians Naresh and Santhosh and security guard Sampath Rao were taken into custody by the police.
Speaking to Telangana Today, Kamalasan Reddy said the case had been transferred to the Central Bureau of Investigation (CBI) since bank employees were involved in the scam.