The Hyderabad Economic Offences Wing (EOW) has uncovered a Rs4.8-crore loan fraud scheme at the Sanathnagar branch of State Bank of India (SBI), leading to the arrest of eight individuals involved in the scam.
The arrested suspects are Mattepally Srishanth, Pole Vishal, Dagala Raju, Sudhansu Shekhar Parida, Md. Wajeed, U. Sunil Kumar, Bhaskar Goud, and Amanchi Upender. According to police, Karthik Rai, the former branch manager of SBI Sanathnagar, was also arrested on May 20 by Sanathnagar police for facilitating fraudulent loans in exchange for a 5% commission.
The scheme came to light following a complaint lodged by Ramachandra Raghavendra Prasad Paparapatti, the current SBI Manager at the Sanathnagar branch. Authorities are continuing to investigate the full scope of the fraud.
