Hyderabad: The Sanathnagar police filed a case against Karthik Rai, former manager at the SBI's Sanathnagar Branch from June 2020 to June 2023 for illegally sanctioning loans to the tune of Rs 4.75 crore.
According to A. Purender Reddy, the Station House Officer (SHO) of Sanathnagar police station, the case was registered based on a complaint from the current manager. Preliminary investigations indicate that approximately 50 customers were also victims of the fraud, wherein they were misled under the guise of closing their personal loans and subsequently being issued new loans.
Further scrutiny revealed that the old loan accounts were not closed as promised, and the funds were diverted into third-party accounts, allegedly known to Karthik Rai. The complaint lodged by the bank manager alleges that Rai transferred funds from the accounts of deceased customers to these third-party accounts.
It is further claimed that Rai sanctioned personal loans using fake salary slips and redirected the funds to third-party accounts, leading to these loan accounts becoming irregular and classified as Non-Performing Assets (NPAs).
As a consequence of these allegations, Karthik Rai is currently under suspension from his position.
