Cash in-charge and four including former BMs and SMs are involved in the Rs.7.07 crore scam, money was diverted to the 319 savings accounts

The Central Bureau of Investigation (CBI-Visakhapatnam) has intensified the investigation into the alleged gold loan fraud worth Rs.7.07 crore in the State Bank of India’s Sakhinetiaplli branch in East Godavari district on Thursday.

The CBI team led by Investigation Officer Mr. Manohar Reddy on Thursday conducted the raids on the targeted locations including the houses of SBI staff of the Sakhinetipalli branch.

According to the FIR registered by the CBI-Visakhapatnam on June 21, Cash In-Charge Rapaka Venkata Ramana Murthy has reportedly credited Rs.6.69 crore money into the 319 savings accounts by creating fake gold loans without the pledged gold. In the case of 37 gold loan accounts, he has also sanctioned the gold loan beyond the worth of the pledged gold ornaments.

“The petitioner, A.Nageswara Rao, Branch…

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