Hyderabad: CBI books Grameen Bank officer, says his assets grew by 13485 per cent

According to the FIR, Prasad had amassed these assets in the form of bank balances and shares in the stock market.

He had allegedly had fraudulently opened housing loan accounts in the name of various account holders in the bank without their knowledge and transferred these loan amounts to his personal accounts in Kotak Bank and HDFC Bank, the FIR said.

“He then used all this money to invest in the stock market and earned handsome dividend,” a CBI official said.

The CBI also found that Prasad did not even spend any of this money on household expenses. His house was run by his wife Lavnaya, an assistant manager at Bank of Baroda, Hyderabad, and her father.

The agency also found that Prasad had just Rs 33000 in his bank account on January 1, 2016. But by August 31, his financial assets had swelled to over Rs 11 crore.

CBI said calculations showed that against his total income during the period, his assets had swelled by 13485 per cent.

The CBI probe also found Prasad had invested in Kotak securities, IDFC Mutual Funds, Aditya Birla Money Ltd, Aditya Birla Commodities and DSP Black Rock.

He had also opened various bank accounts in Kotak Bank, HDFC Bank, SBI and the Andhra Pradesh Grameen Bank to siphon off the fraudulently obtained housing loan money.