Man Booked For Rs 2.9-Crore Bank Fraud

Machilipatnam: Police on Thursday booked a man in connection with the Rs 2.9 crore bank fraud case here in Kaveri district of Andhra Pradesh.

G V N R Subrahmanyam, who worked as an appraiser for the local branch of Canara Bank, replaced original gold jewellery, that is pledged with the public sector lender, with fake ornaments, police said.

The accused also tampered with the bank records using forged signatures, the police said, adding they have launched an investigation in the case.

We have registered a case based on the complaint lodged by Canara Bank's Chief Manager Jayaraju. There is no breakthrough in the case yet, Police Inspector K Vara Prasad said here.

The fraud, which was reportedly going on for over a year now, came to light recently during routine auditing following which the bank authorities conducted an internal inquiry. Based on findings of the internal inquiry, the bank authorities formally lodged a police complaint today. Hunt is on for the accused, police added.

PTI