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TGB cashier invested bank's money on assets

The CBI had arrested M. Jaipal Reddy, the cashier-cum-clerk of TGB for defrauding the bank.

Hyderabad: The Central Bureau of Investigation probing the Telangana Grameena Bank Aziznagar fraud have found that the prime accused M. Jaipal Reddy had invested portions of the swindled amount in properties, while the rest he had lent to a few people.

The CBI had arrested M. Jaipal Reddy, the cashier-cum-clerk of Telangana Grameena Bank Aziznagar Moinabad branch for defrauding the bank and its customers to the tune of Rs 8.9 crore. “During the probe we found that Jaipal Reddy used his local contacts with the villagers to cheat them of their money,” said a senior official of the CBI on Tuesday.

M. Ravinder Reddy, regional manager of TGB (Hyderabad Region -II), lodged a complaint with the CBI alleging that from July 2010 to January 2018, the accused, M. Jaipal Reddy, had committed the fraud in collusion with the the bank managers and other staff.

In addition to Jaipal Reddy, the complainant named TGB’s branch managers, J Moses, K Laxmi Narsaiah, K Chandraiah, G Srinivas Rao, present manager, E Rajanna, B Ravikanth, presently working at TGB’s Eliminedu branch, VVJ Rama Rao, retired TGB employee, P Guru Prasad, accountant of TGB at Aziz Nagar branch and M Srinivas Reddy, sweeper at the bank and others.

( Source : Deccan Chronicle. )
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