AP Mahesh Bank Staff Held For ₹43 Lakh Fraud Using Fake Gold
The accused opened accounts in other individuals’ names and presented counterfeit gold jewellery as collateral: Investigators
WARANGAL: A bank manager and several staff members at the Andhra Pradesh Mahesh Cooperative Urban Bank were arrested on Thursday for allegedly defrauding the institution of ₹43 lakh by mortgaging fake gold ornaments, police said.
According to the Intezar Ganj police, deputy general manager K. Chandra Prakash filed a complaint after discovering discrepancies during an internal audit. The complaint named bank manager Koppula Shiva Krishna and employees Ramu Sharma, Jeevitha, and Kumar, along with three gold appraisers — Brahmachary, Rajamouli, and Karunakar — as accomplices in the fraud.
Investigators allege that the accused opened accounts in other individuals’ names and presented counterfeit gold jewellery as collateral. When audit teams flagged irregularities, Chandra Prakash and senior bank officials conducted an inspection and formally lodged the complaint with police.
Upon receiving the complaint, Intezar Ganj police registered a case and took the accused into custody. A criminal investigation is now underway to determine the full extent of the fraud and to recover the misappropriated funds.