Guntur Police Arrested A Chartered Accountant Over Suspected Bank Fraud

A chartered accountant named Kunisetty Siva Naveen was arrested by the police in Guntur in connection with an alleged banking fraud at the Guntur District Cooperative Central Bank (GDCC Bank) branch in Nallapadu.

Police caught him near a bus stop opposite SBI Bank in Nagarampalem, Guntur City. After being presented in court, he was sent to judicial custody for 14 days.

The probe was initiated when officials observed anomalies in the bank’s financial books. Certain transactions did not add up with standard banking procedure, and this drew suspicion.

The accused, the investigators said, may have exploited his financial acumen to tamper with the accounts books and facilitate the flow of funds through unauthorised transactions. However, they did not reveal the amount of money involved as forensic audits are still in progress.

The Crime Control Special police team carried out the arrest under the supervision of Deputy Superintendent of Police B.V. Madhusudana Rao and based on instructions from Guntur Superintendent of Police Vakul Jindal.

Police are currently checking multiple documents, such as bank documents, digital records, audit logs, and transaction approvals, to trace the money and identify anyone else who may have been involved.

Authorities further stated that strict action will be taken against everyone involved, no matter their position or profession.

Experts say that financial fraud cases like this are usually complicated because money is often transferred through many accounts to hide its source. That is why forensic auditors are carefully tracking the transaction chain.