Medak bank manager cheats branch with fake gold, absconds

A Medak bank manager, Yadam Anil, pledged fake gold and diverted funds amounting to over Rs. 1.50 crore. While absconding, his wife, friend, and the bank’s gold loan auditor were arrested. Police revealed he had committed similar fraud earlier in Andhra Pradesh.

Medak: A bank manager turned a cheater and pledged fake gold to borrow a huge amount of loan from his bank branch. Following the complaint of the management, the Medak police inquired into the allegations and found them true.

According to Medak police, Yadam Anil, who was working as the manager at Adarsh Cooperative Urban Bank in Medak had pledged fake gold in the branch and borrowed Rs 1.49 crore from the bank in the name of his friend and wife. The police also found that he had also diverted Rs 31.35 lakh while depositing cash in the ATMs.

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While Anil was absconding, the police nabbed his wife Sravanthi, friend Subramanyam and gold loan auditor of the bank Srinivasa Chary. The hunt was on to nab him. The police further said that Anil had earlier committed a similar crime in Velairpadu in Andhra Pradesh and went to jail. However, he failed to mend his ways and committed the crime again after walking free.