Absconding bank staffer arrested for Rs 82 lakh fraud

An assistant manager working for the State Bank of India (SBI) was arrested on Thursday for a financial fraud of Rs 82 lakh.

The accused K Madhavan duped money from a customer's account and used it to invest in share market. He was arrested by the Central Crime Branch.

Madhavan, who was on a hideout near Karur was nabbed by the crime branch based on a complaint by another assistant manager of SBI Retail Assets Central Processing Centre in Egmore.

The incident came to light after the victim, a senior citizen named Ramakrishnan found Rs 82 lakh missing from his account in March 2020. He escalated it with the bank officials and an internal inquiry revealed that Madhavan was behind the theft.

The bank fraud prevention wing registered a case about the incident following which a search operation was conducted. Investigation revealed that Madhavan had been investing in share market since 2013. After he suffered a huge loss, he duped the customer’s money and lost it too.

Madhavan was remanded in judicial custody on Thursday.