Online betting with bank funds: Cashier held for Rs.13 crore fraud in Chennur

A major fraud worth Rs. 13 crore has been uncovered at SBI’s Chennur branch, where a cashier, N. Ravinder, allegedly misappropriated funds by diverting them into online betting applications. Over 400 affected customers staged protests demanding action against the officials involved and loan waivers as punishment.

Mancherial: A fraud of Rs.13 crore has come to light in the State Bank of India’s (SBI) Chennur branch, with a cashier accused of misappropriating funds and diverting them into online betting applications. Police said investigations were in the final stage.

An internal audit conducted on August 21 and 22 revealed that 20 kg of gold ornaments pledged by customers, valued at Rs.12 crore, and deposits worth Rs.1 crore were misappropriated. Based on a complaint from SBI officials, a case was registered against cashier N Ravinder and certain other officials of the bank.

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Ravinder, a native of Shetpalli village in Jaipur mandal, had gone absconding after the fraud came to light. He allegedly pledged the ornaments with jewellery traders in Mancherial under fake names to obtain loans, which he later invested in online betting platforms. Police confirmed he has since been arrested.

“All the accused persons, including Ravinder, were detained. They will be produced before the media in a day or two. A major portion of the gold pledged by the cashier has been recovered. Ravinder, an engineering graduate and tech-savvy, was addicted to betting applications in the hope of making quick money,” an investigating official said.

Earlier, five special teams led by Jaipur ACP A Venkateshwarlu were formed to trace Ravinder and other accused officials. Four officials were already detained a few days ago. Investigators carried out raids on jewellery shops in Mancherial on Friday and Saturday to verify gold loan records.

Over 400 customers who had pledged their ornaments for loans expressed shock over the fraud. They staged a sit-in in front of the bank, demanding stern action against the officials involved and urged higher authorities to ensure such incidents do not recur.

The agitating customers also demanded that their loans be waived as punishment for the errant officials.