A Rs 5.85 crore digital fraud case involving a Gurugram-based executive has drawn attention to transaction trails passing through Sreenivasa Padmavathi Cooperative Urban Bank (SPCUB) in Hyderabad.
During the course of the investigation, 11 out of 28 beneficiary accounts were identified as being maintained with the cooperative bank. Approximately Rs 1.61 crore, along with other sums, reportedly passed through these accounts as part of the broader transaction chain, as per information available in the public domain.
Speaking to Indian Cooperative, Ms. Kiran, CEO of SPCUB, confirmed the number of accounts and stated that all were opened in accordance with due KYC norms. She emphasized that the account holders are “easily traceable” and that the bank has extended full cooperation to the concerned authorities.
According to the CEO, the funds were initially transferred from HDFC Bank to ICICI Bank and subsequently routed to accounts held at SPCUB. She further stated that she joined the bank after the accounts were opened and became aware of the matter later.
The CEO maintained that the bank, which has a business size of around Rs 15 crore, remains compliant with regulatory requirements and has informed the appropriate authorities. The matter is currently under investigation.
