With reference to the Initial Show Cause Notice dated 30/07/2025 regarding Complaint ID DC-FY-2025-02590, I would like to respectfully submit my explanation and clarify the circumstances surrounding the alleged financial misappropriation.
On 28th March 2025, during a field visit, I visited the center where the transaction in question occurred. I signed the loan card of borrower Nagamani S (Loan No. 357443379) as part of my supervisory duties. However, I did not collect any EMI amount from the borrower. The amount of Rs. 2030/- was handed over by the group leader Kamalamma to an employee named Apsar, not to me.
To support this, I have attached a written statement from the borrower, confirming that the payment was made to Apsar and not to me.
At the time of the incident, I was newly appointed as a Cluster Manager and was unfamiliar with Apsar (Employee ID SF0064618). Later, I identified him and discovered his involvement in multiple fraudulent activities. I immediately requested that a formal complaint be registered against him.
During the audit, we uncovered financial discrepancies amounting to over Rs. 8,00,000, including 35 loan pre-closure frauds and 100+ EMI frauds linked to his name. The audit is still ongoing, and the total misappropriation under his name may increase further. I would like to highlight that I was the one who first reported the possibility of fraud in that group to the auditor, based on my field observations and borrower feedback.
The following are the complaint Numbers 
FN25-26-00422
FN25-26-00849
FN25-26-01127
Further investigations revealed that the Branch Manager and four Loan Officers were also allegedly involved in fraudulent activities. I have formally requested that complaints be registered against them as well. The audit has already confirmed additional misappropriations exceeding Rs. 4,00,000.
I would like to emphasize that I have not received any amount from the borrower and have consistently acted in the best interest of the company. Despite facing threatening calls from terminated employees, I have continued to report these issues to my superiors and have also filed a report with the local police station for safety and record.
I remain committed to upholding the integrity and values of Spandana Sphoorty Financial Limited and request that the matter be reviewed in light of the above facts, the borrower’s written statement, and my proactive efforts to uncover and report fraudulent activities.
