Inside Job: BOI employee’s online betting addiction costs crores in Hyderabad
Nampally: A Bank of India(BOI) employee addicted to online betting orchestrated an elaborate fraud scheme, siphoning off nearly Rs. 2.5 crore from customer accounts and the bank’s coffers. Based on a complaint from Bank of India(BOI), Hyderabad police booked a case and started an investigation.
At the center of this financial fraud are Vanga Balu Sandeep, a credit department officer, colluded with G. Syamala, a head cashier, both employees of BoI. The story unfolds like a crime thriller, planning a conspiracy to misappropriate funds belonging to the Bank of India and its customers, committing acts of criminal misappropriation, breach of trust, and cheating the nationalized bank.
They allegedly exploited their positions to funnel funds into personal accounts, leaving a trail of unauthorized transactions and manipulated records. The fraud, which unfolded over several months, was discovered during a routine scrutiny of loan and office account transactions. Investigators found that Sandeep transferred substantial sums from the branch’s office account and customers’ accounts into his personal savings account at the State Bank of India, allegedly to fuel an online betting habit. When confronted, Vanga Balu Sandeep admitted he intentionally transferred the amounts to his personal savings account to indulge in online betting games.
Fraud costed Rs. 2.49 crore to bank
“He provided letters dated July 24, 2024, confessing to unauthorized transfers and promised to remit and repay the amounts fraudulently transferred to his personal account. Vanga Balu Sandeep has repaid Rs. 1.26 crores of Rs. 1.41 crores, leaving a balance of Rs. 15 lakhs, plus interest from the debit date.”
Moreover, the duo also withdrew over Rs. 1 crore in cash from the bank’s Treasury Settlement account, splitting the stolen funds between them.
With Rs. 1.22 crore still unrecovered, the Bank of India faces an uphill battle to recover the amount. “As a result, both individuals have defrauded the Bank and its customers to the tune of Rs. 1.22 crore causing irreparable loss and damage to the Bank,” said the complaint.
Based on the complaint from the Chief Manager at Bank of India, Hyderabad police booked a case against both accused employees under various sections of BNS and the Banking Regulation Act.Further investigation is underway.
