Ex-NBFC Branch Manager in KPHB Booked Over Rs 45 Lakh Loan Fraud

The Cyberabad Economic Offences Wing (EOW) police have re-registered a case against a former branch manager of a non-banking financial company (NBFC) at KPHB Phase VI in Hyderabad, following a complaint alleging financial irregularities, manipulation of loan accounts, and unauthorised handling of pledged gold.

According to the complaint, the branch manager had been in charge of day-to-day operations, customer transactions, pledged gold, and branch records for about five years. The company initiated an internal audit after a separate FIR was registered at the KPHB police station on July 11 based on complaints from customers.

The complaint alleged that the former manager processed loan-takeover transactions totalling about Rs 45 lakh while bypassing prescribed procedures. Although these loans were recorded as takeovers of gold loans from other institutions, the company’s preliminary verification found that the gold pledges were not created in official records.

The company also stated that 108 loan accounts were opened in the name of the branch manager’s brother, of which four were active and involved Rs 18.96 lakh. The complaint further stated that customers paying amounts under the Swarna Varsham scheme sent funds directly to the manager’s personal PhonePe account and received receipts that did not match company records.

CCTV footage cited in the complaint allegedly showed the former manager removing ornaments from customer gold-loan packets without authorisation. In another incident highlighted by the company, a customer and her husband took away a 285-gram necklace after the branch manager opened their pledged gold without following standard release protocols.

The Cyberabad EOW police are investigating the allegations and examining transactions, branch records, CCTV footage, and other material to establish the facts.