Cyberabad Police Arrests Eight Accused in ₹4.8 Crore Loan Fraud Scheme at SBI Sanathnagar Branch

The Economic Offences Wing (EOW) of the Cyberabad Police Commissionerate has arrested eight individuals involved in a high-level conspiracy, including forgery, cheating, and document fabrication. The EOW Police dismantled an elaborate loan fraud scheme at the SBI Sanathnagar Branch, uncovering a conspiracy that defrauded the bank of ₹4.8 crore. The accused include former Branch Manager Karthik Rai and a group of associates who colluded to exploit the bank's lending process through fraudulent loan approvals, forged documents, and illegal fund diversions.
Cr. No. 33/2024 U/s 420, 409, 467, 468, 471, 477(A), 120 (B) IPC of EOW PS, Cyberabad.*
The arrested accused includes:*
Karthik Rai: Former SBI Sanathnagar Branch Manager, who facilitated the fraudulent loans for a 5% commission. (Arrested by Sanathnagar PS on 20.05.2024).
Arrested on 7-11-2024:*
Mattepally Srishanth:
Posed as an employee of Telangana State Residential School and Colleges for Girls and obtained a loan (15 lakh) using fake and fabricated documents.
*• Pole Vishal :* Also posed as an employee of Telangana State Residential School and Colleges for Girls to obtain a loan ( 15 Lakh) using fake and fabricated documents.
*• Dagala Raju* : Loan agent responsible for recruiting potential borrowers and explaining the loan scheme.
*• Sudhansu Shekhar Parida :* Managed the creation of forged documents and coordinated with Upender for document production.
*• Md. Wajeed :* Principal organizer who coordinated the group’s activities and facilitated meetings.
• * U. Sunil Kumar :* Assisted in recruiting applicants and obtaining fake documentation.
*• Bhaskar Goud :* Stamp maker who supplied rubber stamps to make the documents appear credible.
*• Amanchi Upender :* Xerox shop owner who created forged salary slips and ID cards.

*Complainant:*
Ramachandra Raghavendra Prasad Paparapatti, SBI Manager, Sanathnagar Branch.

*Brief Facts:*
The accused, including former Branch Manager Karthik Rai , exploited the bank's lending process through fraudulent loan approvals, forged documents, and illegal fund diversions. Between June 2020 and June 2023, Karthik Rai allegedly facilitated unauthorized loans by approving applications backed by falsified salary slips and fake identification documents. In exchange for a 5% commission, Rai misused his managerial position to approve loans without following proper verification protocols, enabling large-scale fraud.
Karthik Rai was initially arrested by Sanathnagar PS on 20th May 2024. Due to the case's severity, it was later transferred to EOW PS for further investigation. The scheme’s ringleader, Md. Wajeed, collaborated with other key conspirators, including Dagala Raju, Sudhansu Shekhar Parida, U. Sunil Kumar, Amanchi Upender, and Bhaskar Goud, to execute this fraud on a large scale.
*The fraud took place through the following methods across 67 accounts in the ₹4.8 Crore Loan Fraud Scheme at SBI Sanathnagar Branch:*
• Top-up Loan Deception: Karthik Rai deceived customers by claiming that their existing bank loan was being closed and that a fresh loan would be sanctioned. Exploiting their trust, he approved new loans and diverted the funds to third parties.
• Fixed Deposit Diversions: Rai transferred customers' Fixed Deposit amounts to third parties by misleading them.
• Deceased Claims: Upon a customer's death, Rai claimed the funds without the knowledge of the deceased's legal heirs.
• Mutual Fund Scheme: Rai lured customers with promises of high profits through mutual funds, then diverted the amounts to third parties.
• Falsified Loan Applications: Rai sanctioned unauthorized loans totalling ₹1,02,07,400 (8 loans) backed by forged salary slips and fake documents, diverting the loan amounts to third parties.

Investigation Findings:
1. Coordinated Fraud: Led by Md. Wajeed, the accused organized a systematic scheme to secure unauthorized loans. Dagala Raju, a loan agent, recruited individuals posing as employees of Telangana State Residential School and College for Girls. Loan approvals were obtained using falsified documents in exchange for a commission.
2. Fabrication of Documents: Sudhansu Shekhar Parida managed the creation of counterfeit salary slips and ID cards, with assistance from Amanchi Upender, who operated Match well Xerox in Prakash Nagar, Begumpet. Bhaskar Goud, a stamp maker, provided rubber stamps to authenticate the documents.
3. Manipulation of Loan Approvals: The conspirators, with Karthik Rai's consent, misrepresented applicants as salaried employees, allowing loans totaling ₹1,02,07,400 to be sanctioned under fraudulent pretences.
4. Financial Gains and Fund Diversion: The group collected a 30% share of the loan amount, totalling ₹30 lakhs, which was divided among the conspirators, including Rai, and transferred to third-party accounts.
This organized scheme, involving falsified salary slips, fabricated identity cards, and manipulated documents, exposed severe breaches in verification procedures and internal controls within the bank.
The case is being investigated by S. Ravinder, ACP, Economic Offences Wing PS, Cyberabad, under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad.

Date: 07-11-2024
K. PRASAD
Dy. Commissioner of Police,
EOW, Cyberabad.