SBI AGM held in 27cr loan fraud case

Hyderabad: Crime Investigation Department (CID) sleuths have arrested an assistant general manager of State Bank of India (SBI) in a 27 crore loan fraud case dating back to 2013.

K Sanjay, 53, who served as a relationship manager at SBI's SME branch in Balanagar between 2009 and 2011, was accused of facilitating a fraudulent loan of 27 crore to Adarsh Communications Pvt Ltd through various illegal means, including the acceptance of forged documents and misrepresentation of agricultural land as non-agricultural property.

The case involves multiple accused, including M Anjaneyulu and his wife Manikonda Reeta, managing director and director of Adarsh Communications respectively, who were arrested by CID in Bengaluru in May 2024 after being on the run since 2013.

Another accused bank officer, G Ravindranath, who served as customer support officer at the SME Branch, was yet to be arrested.

According to CID officials, Sanjay, along with his co-accused, violated bank rules by accepting forged HMDA documents to issue a loan on agricultural land cited as non-agricultural land and failed to protect the bank's interests by not securing the hypothecated property. The accused have been charged under various sections of the IPC, including criminal breach of trust, cheating, and forgery. The accused was produced before the court and sent in judicial remand.