Hyderabad, September 28: An Andhra Bank sub-manager was arrested on Tuesday for misappropriating bank funds to the tune of Rs 67.71 lakh.
According to an official release issued here, A Satyanarayana, a sub-manager at Andhra Bank’s Sundernagar branch in Erragadda, cancelled three fixed deposits belonging to Indian Pharmaceutical Association and AP Trust before the fixed deposits matured. Later, he transferred the amount to his personal account.
“He transferred the amount along with interest into his personal bank account at Andhra Bank, SR Nagar branch, in the form of pay order and cleared debts of local branch cheques, his family members’ loans and destroyed the vouchers and original cheques,” the release said.
Police recovered Rs seven lakh worth property, including gold ornaments weighing 108.5 grams and 1.5 Kg silver ornaments, a Maruti Swift car and two motorcycles. He was produced in the Nampally court and remanded in judicial custody.
–Agencies