Archive · 20 May 2025
SBI Employee Arrested for Rs 2.2 Crore Gold Loan Fraud
Imagine two bank workers used fake gold to get a lot of money from the bank.
They pretended the fake gold was real to get loans.
One of them, named Naik, was the main person doing this.
They took money from the bank, and gave it to themselves and other people.
Now the police are investigating because they found out about the fake loans during an audit.
Naik has been arrested and now the police are trying to figure out what the other employee did.
Two SBI employees booked for obtaining over Rs 2.2 crore in gold loans using imitation ornaments.
The fraud occurred at the SBI Ramnagar branch in Hyderabad.
Service manager Gugloth Jairam Naik is the main accused and has been arrested.
Loans were sanctioned without valid gold collateral and in violation of bank procedures.
The funds were transferred to personal accounts and then to a private entity.
- Who
- Service manager Gugloth Jairam Naik and cash-in-charge Ruthupavan Cheerla.
- What
- SBI employees obtained over Rs 2.2 crore in fraudulent gold loans.
- When
- Executed about two years ago, discovered recently.
- Where
- SBI Ramnagar branch in Hyderabad.
- Why
- To misappropriate bank funds.
- Amount of Fraud
- ₹2.2 crore
- Bank Branch
- SBI Ramnagar branch
- Main Accused
- Gugloth Jairam Naik
- Accused
- Ruthupavan Cheerla
- Investigating Agency
- Hyderabad Central Crime Station (CCS)
- Discovery Method
- Internal audit
- Time of Crime
- 2 years ago
