2 managers of SBI, Ramanthapur branch dupe 19 customers of Rs.2.80 cr; go absconding

HYDERABAD: A scandal involving misappropriation of funds amounting to Rs 2.80 crore has been uncovered at the Ramantapur branch of the State Bank of India.

Two bank managers are accused of diverting loans issued in the names of unsuspecting customers, channelling the loan amounts into accounts belonging to their relatives without the customers' knowledge. The fraudulent activity revolved around acquiring loans totalling Rs 2.80 crore, purportedly in the names of 19 individuals, utilizing forged documents.

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Sheikh Saidulu and Ganga Mallaiah, managers at SBI in Ramanthapur, allegedly obtained documents from customers who had applied for loans at the Ramanthapur branch of the SBI. Subsequently, they forged Form 16, providing false statements to secure the loans, and then transferred the funds to the accounts of their wife and son.

The scam was discovered when a new manager assumed control of the branch and lodged a police complaint against Sheikh Saidulu and Ganga Mallaiah.

Upon realizing that their illicit activities had been exposed, Sheikh Saidulu, his wife Sushma, his son Peeraiah, and another manager, Ganga Mallaiah, are reported to have absconded. Authorities have launched a manhunt to locate and apprehend them.