Introduction
Bank frauds in India are not new, but every time such an incident surfaces, it shakes public trust in the banking system. One such shocking scam has recently come to light in Telangana, where a State Bank of India (SBI) branch in Chennuru, Adilabad district witnessed one of the biggest financial frauds in recent years. A cashier from the branch, identified as Narige Ravinder, allegedly misappropriated 20 kg of mortgaged gold and ₹1.10 crore in cash, causing a loss of nearly ₹13.71 crore to customers and the bank.
This case, which eerily resembles the storyline of the recently released Telugu movie Lucky Bhaskar, has created panic among hundreds of depositors and gold loan holders. Here’s everything you need to know about the Telangana SBI fraud, how it was executed, and what actions are being taken.
How the SBI Telangana Scam Unfolded
According to the police report, Ravinder worked as a cashier at SBI Chennuru branch since 2017. A B.Tech graduate from Basara Triple IT, he was considered a trustworthy employee. But over the last ten months, he allegedly devised and executed a meticulously planned scam.
- He created secret accounts in the names of relatives, friends, and family members.
- Cash and gold deposited by customers were diverted into these fake accounts.
- Out of the 25.175 kg of gold mortgaged by 449 customers, Ravinder siphoned off 20.496 kg.
- In addition, ₹1.10 crore cash deposits were misappropriated and rerouted.
The fraud came to light only during a routine quarterly audit, which revealed glaring mismatches between the gold vault records and customer deposits.
Suspicion and Discovery
The Telangana SBI fraud was discovered between May 22 and August 22, 2025, when auditors conducted a thorough verification.
- Discrepancies in cash and gold holdings raised red flags.
- CCTV footage and fingerprint checks pointed towards Ravinder’s involvement.
- He stopped reporting for duty once the audit began, further deepening suspicion.
Soon after, he went absconding. Reports suggest that Ravinder shaved his head in Vemulawada to avoid identification, and police believe he invested part of the stolen assets in other banks and financial companies before disappearing.
The Role of Online Betting and Movie Inspiration
Interestingly, police investigations revealed that Ravinder was deeply involved in online betting. Mounting debts may have pressured him into planning the fraud.
Adding to the twist, officials noted that Ravinder drew “inspiration” from the Telugu movie Lucky Bhaskar, where a bank employee masterminds a financial scam to get rich. Believing he could replicate this fictional storyline, Ravinder risked his job, reputation, and customers’ trust — ultimately triggering one of the largest fraud cases in the region.
Customers’ Panic and Protests
When news of the fraud broke out, panic spread among the branch’s customers, especially those who had mortgaged their gold for loans.
- Many gathered at the Chennuru SBI branch demanding answers.
- Protests erupted outside the branch, with depositors insisting on the immediate return of their gold.
- Customers feared losing their hard-earned savings and family heirlooms pledged as collateral.
SBI’s general manager and regional manager had to rush to the branch to reassure customers. They promised that all efforts were being made to recover and return the stolen gold and cash. Their assurance helped calm the situation, but anxiety among depositors still lingers.
Police Investigation and Arrests in Telangana SBI fraud
The police have taken the matter very seriously, considering the magnitude of the fraud.
- Multiple teams have been formed to trace Ravinder, who remains absconding.
- So far, nine people, including Ravinder’s wife and sister-in-law, have been arrested for allegedly assisting in the scam.
- Four bank officials are also under investigation for possible negligence or collusion.
- Police have booked cases under charges of fraud and criminal conspiracy.
According to Circle Inspector Devender Rao, teams are working round-the-clock to locate Ravinder. Meanwhile, senior police officials including Ramagundam CP Amber Kishore Jha and Mancherial DCP Bhaskar are closely monitoring the case.
Impact on the SBI Branch and Banking Trust
The fraud has not only caused financial losses but also shaken public faith in India’s largest bank, the State Bank of India (SBI).
- Customers are questioning how such a massive scam went undetected for nearly a year.
- The incident highlights possible loopholes in internal auditing systems.
- It also raises concerns about the security of pledged gold loans, which are a popular banking product in India’s semi-urban and rural areas.
The SBI management has assured that a discreet internal inquiry is underway and steps will be taken to prevent such scams in the future.
Lessons for Customers and Banks
This shocking incident brings to light several important lessons:
For Customers:
- Always verify loan statements and gold deposit receipts carefully.
- Check periodically whether your pledged gold is recorded in the bank’s system.
- Stay alert to any unusual delays or irregularities in service.
For Banks:
- Stricter monitoring of employees is necessary, especially those handling cash and gold.
- More frequent audits instead of quarterly checks could help detect fraud earlier.
- Advanced technology-based surveillance and verification systems can reduce human manipulation.
Official Assurances and Next Steps
Despite the chaos, SBI officials have reiterated that customers will not lose their money or gold. The bank has already initiated steps to compensate affected depositors and ensure the recovery of assets.
Minister Vivek Venkataswamy has also intervened, demanding a detailed investigation report and ensuring that depositors’ interests remain protected.
Meanwhile, the police hunt for Ravinder continues. His arrest is expected to provide more clarity on how he managed to execute the scam and who else might be involved.
Conclusion
The Telangana SBI fraud in Chennuru serves as a stark reminder of how vulnerable even well-established institutions can be to insider fraud. A trusted employee, mounting personal debts, and misplaced inspiration from a film combined to create a scam that has left over 400 customers distressed and shaken faith in India’s banking system.
While authorities are working to bring the culprits to justice and SBI has assured full support to its customers, this case highlights the urgent need for stronger safeguards, frequent audits, and customer awareness to prevent such incidents in the future.As the investigation unfolds, depositors are hopeful that their stolen 20 kg of gold and ₹1.10 crore cash will be recovered and restored soon.