Ex-SBI manager among 8 held in Rs 4.8 cr loan fraud in Hyderabad

Eight individuals including the former branch manager of the State Bank of India (SBI) Sanathnagar, were arrested by the economic offences wing (EOS), Cyberabad police, over an alleged elaborate loan scam that led to a total loss of Rs 4.8 crore for SBI.

The accused have been identified as Karthik Rai, a former SBI branch manager in Hyderabad, Mettepilly Srikanth, Pole Vishal, Dagala Raju,



Sudhansu Shekhar Parida, Mohammed Wajeed, U Sunil Kumar, Bhaskar Goud, and Amanchi Upender.

According to the police, Karthik Rai and his associates misused the SBI’s loan schemes and illegally sanctioned loan amounts by producing fraudulent documents as collaterals and diverting the state bank funds, with the branch manager approving the loans for a 5 percent commission from the loan amounts approved.