Cyber Crime
Union Bank’s Hyderabad Branch Hit by Rs 24 Crore Fraud; Case Filed
HYDERABAD: The Cyberabad Economic Offences Wing has launched an investigation into a Rs24 crore fraud case at the Union Bank of India’s Ramachandrapuram branch. The case involves serious charges, including cheating, forgery, criminal conspiracy, and criminal breach of trust.
The complaint was filed by Murthy Kote Srinivasa, Assistant General Manager of Union Bank’s regional office in Punjagutta. According to the complaint, 11 accounts managed by individual borrowers, who had mortgaged properties with the RC Puram branch, are at the center of the fraudulent activities.
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Among the companies implicated in the fraud, R K Media Promotions allegedly swindled the bank out of Rs2.25 crore, while SVK Traders is accused of defrauding Rs2.66 crore. Divya Argo Food Products and Sai Sri Balaji Traders are also under scrutiny for committing frauds amounting to Rs2.17 crore and Rs2.02 crore, respectively.
Other firms involved include Best C Mobiles Sales and Services, which reportedly siphoned Rs2.04 crore, and SMR Granites Pvt Ltd, accused of a Rs3.19 crore fraud. Rana Enterprises is linked to a Rs2.35 crore scam, while Pardha Granite Industries allegedly defrauded the bank of Rs2.97 crore. Vaishnavi Granite Industries is also said to have committed fraud worth Rs1.93 crore.
Further investigations are ongoing, with additional companies such as YMMAR Pharma Chem and Sri Venkateshwara Oil and Food Products also under suspicion for involvement in this large-scale fraud, which first surfaced in March 2021. Authorities are now working diligently to uncover the full scope of the conspiracy and bring the culprits to justice.