A massive bank fraud has come to light involving Narige Ravinder, a cashier at the SBI Chennur branch in Telangana’s Mancherial district. Ravinder allegedly embezzled Rs1.1 crore in cash and 25.17 kg of mortgaged gold worth Rs12.16 crore, driven by losses incurred through online cricket betting.
The case came to light when SBI regional manager Ritesh Kumar Gupta filed a police complaint reporting the disappearance of valuables from the bank vaults. A swift investigation by the Ramagundam Police Commissionerate revealed large deposits in Ravinder’s personal bank account, raising suspicions.
Ravinder confessed to having lost Rs40 lakh in online betting and admitted to hatching a plan to misappropriate funds from the bank over several months, starting October 2024. He was aided by branch manager Vennapureddy Manohar and outsourced employee Lakkakula Sandeep, who handed over access to the joint currency chest.
To monetize the stolen gold, Ravinder roped in friends Beeraiah, Rajashekar, and Kishan, who worked with private gold loan firms. The trio took out 142 fraudulent gold loans under the names of 44 individuals, transferring the cash back to Ravinder after deducting their commission.
Authorities estimate the scam enabled an additional Rs1.58 crore in fraudulent loans based on forged collateral claims of 4.14 kg gold.
Ramagundam Police Commissioner Amber Kishore Jha said, “We formed four teams and arrested 44 people, including two other bank employees. So far, we have recovered 15.23 kg of gold and Rs1.61 lakh in cash. Efforts are ongoing to trace the remaining assets from various finance firms.”
Police are also scrutinizing the role of managers at the private lending companies that accepted the pledged gold.
