Ten Bank officials arrested in 6-crore fraud case

Vastavam web: Ten officials of Indian Overseas Bank (IOB), two of them retired, were today arrested in an alleged Rs 6-crore fraud case, police said.The officials, posted in different branches of the public sector bank in the city, have been accused of defrauding the Hyderabad Metropolitan Development Authority (HMDA) through fraudulent withdrawal of over Rs 6 crore.The arrested accused include Senior Manager of Mehdipatnam Branch T Sreenivasa Rao, G Manjula, Assistant Manager of Adarsh Nagar Branch, Ravichandra, Assistant Manager of Chikkadpally branch, P Bala Krishna, V Rama Chary Padma Nabhan (both retired Assistant Managers).
The bank officials fraudulently passed, cleared or altered cheques of HMDA in connivance with the prime accused Lunavath Shankar Naik and other accused Y Vijay Mohan Krishna and Raju Ahmed. All three were arrested in March, it said.But Naik, in connivance with Mohan Krishna, an audit officer in HMDA, and Ahmed, opened fake account in the name of Sai Security Services. They altered some of the cheques issued by HMDA and swindled an amount of Rs 6.03 crore in connivance with the arrested IOB employees (both serving and retired), the release added.