Chartered Accountant Arrested in Guntur GDCC Bank Fraud Case

Police in Guntur district have arrested Kunisetty Siva Naveen, a chartered accountant and professional director, for his alleged involvement in a significant fraud case at the Nallapadu Godavari District Cooperative Central (GDCC) Bank. The arrest occurred on May 7, 2026, at a bus stop in Nagarampalem, following an operation supervised by CCS DSP B.V. Madhusudana Rao under the direction of Superintendent of Police Vakul Jindal. Siva Naveen was remanded to 14 days of judicial custody after being produced in court. The investigation centers on large-scale financial irregularities and violations of banking norms that caused substantial losses to the institution. Authorities accuse the former manager, CEO, chairman, and other committee members of orchestrating the fraud, with Siva Naveen allegedly supporting their decisions. A case has been registered at the Nallapadu police station under various sections of the Indian Penal Code, including criminal conspiracy, cheating, criminal breach of trust, and forgery. Law enforcement officials are currently actively searching for other accused individuals who remain absconding. This development marks a critical step in addressing the corruption scandal affecting the local cooperative banking sector.