CID seized gold from Manappuram gold loan company pledged by Krishna Chaitanya on Wednesday.

VIJAYAWADA: The Crime Investigation Department (CID) has unearthed large scale misappropriations in State Bank of India (SBI) Gayatrinagar Branch. Krishna Chaitanya working as a cashier in the bank, has pledged a whopping 10.5 kg gold in Manappuram gold loan company and IIFL and obtained about 3Cr loans in return.

The SBI officials found out after nearly 2 years that the gold belonged to the customers was missing from the vault and lodged a complaint with the police. The CID has took up the investigation and cracked the case within 24 hours. According to CID SP, LVK Rangarao, Krishna Chaitanya took the gold that was mortgaged by the customers illegally and pledged it in Manappuram to obtain loan.

He obtained loans by pledging the gold for 55 times. He told the officials that he has invested the amount in stock market and incurred about Rs 2Cr losses. The CID has booked a case against Krishna Chaitanya and employees of Manappuram Dileep and Phani Kumar who violated the rules in issuing loans to Krishna Chaitanya under the sections 379, 403, 409 read with 34.

