Rs. 1.70 Crore Cash Missing from Bank
A major fraud involving Rs. 1.70 crore has been uncovered at Karnataka Bank in Machilipatnam, where gold coins were replaced with rolled gold. Suspicion has fallen on the bank’s Assistant Manager, Somasekhar Rao, and other staff members. The police are investigating the matter, with efforts underway to bring the bank employees to court. Locals claim similar frauds have occurred in other banks in the area.

A major fraud has recently come to light at the Karnataka Bank in Machilipatnam. On Friday, a significant sum of Rs. 1.70 crore in cash was stolen after being replaced with rolled gold in place of gold coins. There are suspicions that the bank’s Assistant Manager, Somasekhar Rao, along with other staff members, may have been involved in the scam. The police are investigating the matter. They plan to probe how the gold stored in the bank was swapped for rolled gold and how the theft was carried out. Efforts are reportedly being made to bring all bank employees to court for questioning.
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The stolen gold, worth around Rs. 1.70 crore, was allegedly swapped with rolled gold about ten days ago. Srividyadhar, a customer of the bank, noticed a major discrepancy when he opened his locker and found rolled gold instead of the expected gold coins. This has raised doubts about the involvement of the bank staff, particularly Assistant Manager Somasekhar Rao. Locals claim that similar frauds have been occurring in several other banks in Machilipatnam in recent days. Despite filing complaints with the police, the victims are yet to recover the stolen items.
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