Online betting addiction led to Rs 2.49 Cr fraud at Bank of India Abids: CBI probe likely
HYDERABAD: The Central Bureau of Investigation (CBI) is set to file a case against those accused of misusing around Rs 2.49 crore at the Bank of India’s Hyderabad Main Branch in Abids. An employee addicted to online betting orchestrated a fraud scheme, siphoning nearly Rs 2.5 crore from customer accounts and the bank’s coffers, according to a complaint filed by the bank.
Vanga Balu Sandeep, a credit department officer, and G. Syamala, a head cashier, stand at the heart of this financial scandal. Their actions read like the plot of a crime thriller, weaving a web of conspiracy to siphon off funds from the Bank of India and its customers, betraying trust and orchestrating a high-stakes deception.
Going further into the details, a major financial fraud involving alleged misappropriation of approximately Rs 2.49 Crore has surfaced at the Bank of India’s Hyderabad Main Branch in Abids, leading to a formal criminal complaint against two former employees.
The complaint, filed by the branch’s Chief Manager, names Vanga Balu Sandeep, a former officer in the credit department, and G. Syamala, a former Head Cashier. Further, the complaint alleges the pair masterminded a months-long scheme, exploiting their roles to divert funds from both customer loan accounts and the bank’s own internal accounts.
Routine Audit exposes Financial fraud at BOI
The fraud came to light during a routine audit of loan and office account transactions on July 16 and 17, 2024. Investigators discovered that Vanga Balu Sandeep, responsible for loan disbursements, had methodically funneled large sums from the housing and education loan accounts of three customers, Madina Venkat Praveen, Rekula Prithivi Raj, and Mahidhar Reddy Kandula, straight into his own savings account at the State Bank of India, totalling Rs 1.41 crore.
When confronted, Sandeep is said to have confessed in a written letter dated July 24, 2024, admitting to the unauthorized transfers and revealing that the stolen funds fuelled his online betting habit. He has since returned Rs 1.26 crore, but more than Rs 15.23 lakh plus interest remains unpaid.
A deeper probe into office accounts revealed a second layer of the alleged conspiracy. Sandeep, in collusion with G. Syamala, who controlled the cash vault, is accused of making unauthorized cash withdrawals totaling Rs 1 crore from the branch’s Treasury Settlement account between April and July 2024. In separate letters of confession, both individuals admitted to jointly withdrawing and sharing this substantial cash amount.
Diverted loan funds to personal accounts
The combined financial impact of the two sets of transactions amounts to a staggering Rs 2.49 crore. After accounting for Sandeep’s partial repayment, the net loss to the bank currently stands at Rs 1.22 crore.
The bank’s complaint explains that the delay in reporting to the police was due to an internal probe. The bank has pledged full cooperation with the authorities, promising to supply all required documents and evidence.
Vanga Balu Sandeep was transferred from the Hyderabad Main Branch on May 8, 2024, while G. Syamala’s tenure as Head Cashier concluded on July 24, 2024. The CCS Hyderabad Police have registered a case and initiated a formal investigation into the complaint. Meanwhile, CBI most likely to file a separate case and to probe the scam.
