Former Rayadurgam SBI branch manager held for stealing Rs 1 crore from customers
The former chief manager of State Bank of India, Rayadurgam branch, was arrested for resorting to financial fraud in the bank
- Andhra Pradesh
NewsTAP Bureau- Updated On:25 Aug 2023 7:10 AM GMT
RAYADURGAM: The former chief manager of State Bank of India (SBI), Rayadurgam branch, was arrested for resorting to financial fraud in the bank.
The accused manager, identified as SLN Phani Kumar, had transferred the bank customers' money to the tune of Rs. 1,07,30,023 to his mother's and family members' accounts. Upon knowing the matter, the higher authorities conducted the investigation and recovered the money besides suspending Phani Kumar.
The higher authorities of the bank later complained to Rayadurgam police who formed two teams to nab Phani Kumar. However, the accused was on the run for two months changing his location from Visakhapatnam to Vijayawada and Hyderabad cities, and finally got arrested by a team led by Raydurgam CI Lakshmanna in Visakhapatnam.
