The Detective Department of Hyderabad Police arrested 10 official employees of the Indian Overseas Bank on charges of conspiring with a private person and embezzled Rs. 6.80 crores.
The accused have been identified as Senior Manager at Medhipatnam IOB, T Sreenivasa Rao; Assistant Manager at IOB Adarshnagar, G Manjula; Assistant Manager at IOB Chikkadpally, Ravichandra; Retired Assistant Manager from IOB Chikkadpally, P Bala Krishna; Clerk, TK Bayamma and N Krishna; Clerk at IOB Himayatnagar, Malini Narasimhan; Retired Assistant Manager, V Rama Chary; Clerk at IOB Chikkadpally, K Radika and RV Pandu Ranga Sarma. The group of ten members with the help of Lunavath Shankar Naik double-crossed the Hyderabad Metropolitan Development Authority (HMDA).
The Police has reported that Lunavath Shanker opened a bank account at the IOB Chikkadpally branch in the name of Sai Security Agencies.
According to the DCP Detective department, Avinash Mohanty said, “With the help of Y Vijay Mohan Krishna, an audit officer of HMDA, the gang forged 55 cheques to the tune of Rs 6,79,67,735 and swindled the amount”.
The entire heist went on for a period of eight years between 2008 and 2016.
Avinash Mohanty also explained, “Actually, the HMDA had issued the cheques worth Rs 76.67 lakh to the agency for providing security to the HMDA office. But the bank employees and staff colluded with Shankar Naik and altered the amount of the cheques and transferred it to different accounts”.
