News/City Updates

4 bank employees arrested in Visakhapatnam for money siphoning

In a intriguing case of money siphoning at the Axis Bank Chodavaram branch, in Visakhapatnam, police officials have arrested the Bank Manager, Operations Manager, and two employees. The four of them have been arrested for siphoning away Rs. 1,18,37,965. 

The Bank Manager, M Pushparaj, had lodged a complaint on Operations Manager, Rama Lavanya, that she misappropriated Rs. 1.12 crores from the bank. Based on the complaint, the police officials registered a case of money siphoning and started an investigation into the matter. 

Considering the merits of the case lodged at the police station in Visakhapatnam, a team led by Bank Cluster Supervisor, Nilakaratha Gupta, investigated the books of accounts at the Axis Bank Chodavaram branch. On examining the records and transactions, it was found that the culprits had been siphoning off money to the tune of Rs. 1,18,37,965. 

With several twists and turns that the case went through, it was finally unravelled that the Bank Manager in Visakhapatnam, who exposed the money siphoning, had been working hand-in-glove with the culprits of the case. Going deeper into the case, it was found that the Bank Manager had siphoned off the highest amounts amongst the four. 

The four of them have been taken into custody with immediate effect. It was also revealed that Operations Manager, Rama Lavanya, had used up Rs. 30 lakh of the siphoned amount. 

While this is a case of money siphoning for personal gains,

Visakhapatnam has been witnessing a series of theft/robbery incidents at the banks in the last few weeks. Recently, in a failed bank theft, two thieves had entered a bank in Vizag but had to return back empty-handed. 

Leave a Comment

Recent Posts

Delve into the world of exciting K-dramas with these latest releases on OTT

Discover the captivating world of K-dramas as we delve into the latest releases available on…

2 hours ago

The legend of the historical Ross Hill in Vizag

Known for the striking white chapel enshrining Mother Mary, Ross Hill is a name that…

3 hours ago

Will Amit Shah tour smoothen the ruffled feather of Vizag voters?

Even as the BJP cadre are celebrating the completion of nine years of the Modi…

6 hours ago

Visakhapatnam-Secunderabad Vande Bharat Express vandalized, window pane damaged

Miscreants have once again pelted stones at the Visakhapatnam-Secunderabad-Visakhapatnam Vande Bharat Express, causing damage to…

7 hours ago

Arrangements apace for Amit Shah’s visit to Vizag, elaborate security measures in place

Union Home Minister and top BJP leader Amit Shah will be arriving in Vizag on…

9 hours ago

11 OTT releases today to rejuvenate yourself with entertainment this weekend

With the World Test Championship final, this weekend looks entertaining and gripping. But for those…

1 day ago