SBH manager held for swindling Rs 75 L

HYDERABAD: A State Bank of Hyderabad (SBH) manager, who had siphoned off Rs 75 lakh worth fixed deposits (FD) belonging to a customer, was arrested by the Madhapur police on Monday.
Police arrested T Madhavi Prasanna, 45, of Nizampet, who was the manager of SBH branch at Mindspace Raheja near Hi-Tec City.
In October 2011, AS Ravi Kumar, SBH general manager, Hyderabad, had lodged a complaint against Madhavi for stealing Rs 75 lakh FD amount belonging to a customer, Madhapur inspector K Srinath Reddy said.
"Since then, she had been absconding and based on a specific alert, we arrested her from her relative's house in Alwal on Monday," the inspector added.
According to police, prior to her posting at Mindspace Raheja branch, Madhavi worked at the bank's Chengomul branch in Ranga Reddy district. "While working at Chengomul, she borrowed Rs 15 lakh from several farmers, who approached her for loans. As the farmers were putting pressure on her to return the money, she resorted to the fraud," the inspector said.
To clear her debts, Madhavi had stolen Rs 75 lakh belonging to a customer, V Sai Prabhakar. As per her plan, Madhavi transferred the amount to various bank accounts belonging to her friends, relatives and withdrew it later. "She used the money to clear debts and for some real-estate deal in Mumbai," the inspector said.
The fraud came to light when Prabhakar approached the bank in October 2011 asking for transfer of the money to another branch in Kukatpally. When the bank staff intimated him that the money was no more there, he lodged a complaint with the senior staff. An internal inquiry revealed that a fraud was committed by Madhavi. She was immediately suspended and a police complaint was lodged. After the fraud came to light, Madhavi vanished and police finally arrested her on Monday. "We are yet to recover any money and the process will begin soon," the inspector said.
Cases were slapped against the former bank manager under sections 406 (Criminal breach of trust) and 409 (Criminal breach of trust by banker) of the Indian Penal Code (IPC). She was produced before court and remanded in judicial custody.