Two employees of a State Bank of India (SBI) branch here have been booked for allegedly committing fraud, police said today.
The alleged fraud, which involves illegal transfer of Rs 1.15 crore, took place at the SBI branch in Kadiri area and came to light during inspection of accounts, they said.
M S Zuha, an accountant at the branch, and Y Ashok Kumar Reddy, a field officer, were booked on criminal charges on a complaint filed by SBI Regional Manager Sreenivasa Reddy, District Superintendent of Police Devadanam told PTI.
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The accused fraudulently transferred Rs 1.15 crore to the accounts of their relatives and friends. Of this, a sum of Rs 30.85 lakh has been recovered from the account of the wife of Ashok Reddy, police sources said, adding the remaining money was being traced.
The siphoned off amount was meant for distribution among farmers under crop insurance policy, they said.
No arrest had been made till now and further investigation was on, he added.
