Three bank employees arrested for fraud of ₹63 lakh in Visakhapatnam

On 10 May 2022, three employees of Union Bank of India, Pedda Waltair branch, Visakhapatnam, were arrested for fraud of Rs 63,80,000. As per the police reports, the bank employees have aided in the mortgage of fake gold and issued a gold loan of the aforementioned amount. An ex-manager of the branch, B Rajesh Babu, and employees S Jagadeesh Kumar and P Ramya Teja were found to be guilty of the fraud.

The accused were arrested by the MVP Police and sent to remand. A customer and an appraiser at the bank related to this fraud case were already been arrested in the past by the Visakhapatnam

Police. The police officials have conducted an investigation based on the reports of the current manager of the branch Satyanarayana Panthulu, upon which the three employees were arrested.

Two other customers involved in this fraud are said to be on the run. The police officials have informed that a further investigation is pending and a search for the customers on run is on its course.

Stay tuned for more such city updates.

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