In a major breakthrough, the Crime Investigation Department (CID) of Telangana arrested Kondu Sanjay, a senior officer from a public sector bank, for his role in a fraudulent loan sanction that caused a loss of Rs 27 crore to the institution.
The 53-year-old, who served as the Assistant General Manager and Relationship Manager for Medium Enterprises at the Balanagar branch from June 2009 to June 2011, sanctioned a cash credit loan to M/s Adarsh Communications Pvt. Ltd. based on what were later identified as forged documents.
The fraudulent transaction occurred when Sanjay approved the loan to the company despite the submission of fake documents that misrepresented agricultural land as non-agricultural and violated several bank protocols. The company, led by Managing Director M. Anjaneyulu and his wife, Director Manikonda Reeta, absconded with the funds after receiving the loan in 2013. The couple was arrested in May last year in Bangalore.
Further investigations revealed that Sanjay, in collaboration with the bank’s Customer Support Officer G. Ravindranath, knowingly accepted these falsified documents, leading to the wrongful approval of the loan.
Sanjay’s arrest marks a significant step in the CID’s ongoing investigation into financial fraud, with authorities now turning their attention to others potentially involved in the case.
