Four held for ATM fraud

Four employees of a cash management company and another person were arrested for misappropriating money from SBI ATMs.
The accused had stolen Rs.1.88 crore from the machines and began exchanging it with demonetised currency notes.
After their arrest, the Central Crime Station (CCS) police recovered Rs.1.09 crore in cash, gold ornaments, property documents etc.

According to Avinash Mohanty, Deputy Commissioner of Police, Crimes, B. Vinay Kumar, Kovuri Nagaraju, Chikoti Srinivas and Doppa Sai Kumar, all



employees of Logicash Solutions Pvt. Ltd., misappropriated and stolen Rs.1.88 crore over a period of time from 80 SBI ATMs while loading cash into them, along with Teak Raju, Vinay’s brother.
The accused were using money for themselves and post-demonetisation, began using it to exchange old currency notes.
Apart from cash and property documents, the police also recovered gold ornaments worth Rs.2 lakh, two motorcycles, two laptops and five cell phones.
The fraud came to light during an audit done by the cash management company earlier this month.