Hyderabad: The investigation into the multi-crore funds siphoning racket of the Telangana Grameena Bank, Aziznagar branch, under Moinabad police station, is likely to be handed over to the Crime Investigation Department (CID).
As the siphoning is more than Rs 4 crores, bank officials have approached the CID, asking them to investigate the case. Cyberabad police said that once the CID steps in, they will hand over the evidence collected in the case so far.
Madi Jaipal Reddy, working as a cashier in the bank, had siphoned off the deposits of the depositors in the bank to the tune of more than `8.5 crores.
According to investigating officials, as per the norms of the Telangana Grameena bank, since the fraud had crossed the `4 crore mark, the bank authorities have moved the CID for a detailed probe.
“It is more likely that they may take over the case in a couple of days. Later, the entire evidence collected here and the statements recorded will be handed over to them for further investigation.” they said.
The scam, pulled off by Jaipal Reddy single-handedly, came to light after one of the depositors found the funds in his account missing.
Inquiries revealed that Reddy had been operating the scam for close to a decade and siphoned funds from around 120 accounts in the bank.
Moinabad police had earlier booked cases against Jaipal Reddy under charges of cheating, fraud, forgery and criminal breach of trust. Meanwhile, Jaipal Reddy continues to be at large.