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IOB branch manager held in Rs2 cr scam
Rajahmundry: IOB Branch manager held in Rs2 cr scam, The police arrested the former branch manager of Rayapalli branch of Indian Overseas Bank in Addatheegala of the East Godavari district and 14 others on Thursday in connection with the irregularities took place in sanctioning of loans between June 9, 2010 and August 13, 2012.
- Loans sanctioned to non-existing persons
- 14 others also arrested; hunt on for more
- Fake passbooks and forged signatures used
Rajahmundry: The police arrested the former branch manager of Rayapalli branch of Indian Overseas Bank in Addatheegala of the East Godavari district and 14 others on Thursday in connection with the irregularities took place in sanctioning of loans between June 9, 2010 and August 13, 2012. The police are searching for others who are accused in this case in this scam. They suspect that Rs. 2 crore might have been swindled in the scam.
The police have plunged action based on the complaint filed by Regional Manager, IOB, Jagga Rao after conducting a thorough inquiry by the vigilance department of the bank.
Speaking to The Hans India, ASP, Rampa Chodavaram, Ch Vijaya Rao, said that irregularities took place during 9th of June, 2010 and 13th of August, 2012 where 1559 loans were sectioned when Kadarla Bhaskarachari was the branch manager of the bank during the period. Baskarachari was arrested at Vetamamidi junction on Thursday.
He explained that loans were sanctioned with fake passbooks and forged signatures. The bank staff even sanctioned loans for the non-existing persons by creating new entities. He further said that investigating was still going on and the remaining of the accused persons in the case would be arrested soon. The arrested people were sent to remand.
