Forty-four people, including a cashier and manager of the State Bank of India (SBI) Chennur branch in Mancherial, were arrested for misappropriating 21 kg of pledged gold ornaments and Rs 1.10 crore. Police recovered 15.237 kg of gold and Rs 1.61 crore.

Ramagundam Police said the key accused, cashier Narige Ravinder, manager Vennapureddy Manohar, and attender Lakkakula Sandeep, orchestrated the fraud with help from others across Mancherial and Peddapalli districts. The scam came to light during a bank audit on August 23, following which SBI’s regional manager filed a complaint.

Ravinder confessed to pledging stolen gold at various lenders under the names of 44 people after losing Rs 40 lakh in online cricket betting in 2024. Using access to the bank’s locker, he and Manohar faked gold pledges to secure 42 loans worth Rs 1.58 crore for Manohar’s relatives.

Ravinder also admitted to stealing cash while refilling ATMs in Chennur. The accused face multiple charges related to financial fraud, cheating, and criminal breach of trust.