Reports of a massive scam worth 1.2 crores in the State Bank Of Hyderabad, Medak surfaced after the local police got an anonymous tip off about the transaction.
As per the police, on the afternoon of November 18, the Medak branch declared that they ran out of cash to give to people who were standing in a long queue to exchange their old currency notes with new ones. But a few anonymous sources noticed that the bank had made a transaction of 1.2 crores from a single account nearly a week ago and addressed the amount to a beneficiary in Vijaya Dairy in 13 different cheques. These cheques were then withdrawn completely in cash from the same branch and transferred via a bank van.
The news caused outrage among customers who have been standing in line for hours for several days waiting for their turn to withdraw/deposit cash. They demanded that a case be launched against the manager of the branch.
But the police remain tight-lipped on the action that would be taken against the concerned authorities as the manager claimed that the transaction was entirely legal and was being sent to a legitimate customer working in the Vijaya Dairy firm who only wanted to pay salary dues to the farmers and labourers working in the company's branch in Medak.
On the other hand when the police inquired the farmers and labourers in question, it was learnt that none of them hadn't seen even a dime of it.
The huge amount of cash and the mode of transfer has raised the alarms and the case has been transferred to the IT department.