The scam was detected by SBI's audit team in Hyderabad from which a special team had been sent here to this city, 80 km from state capital Lucknow.
A vigilance team from the Lucknow-based state head office was also sent to Kanpur.
While describing the case as the 'biggest fraud in the Lucknow-Kanpur region in recent decades', the bank official did not rule out the possibility of 'more heads rolling' over the next few days.
Significantly, barely a few months back, a fake note racket involving SBI officials was discovered in a small SBI branch in Domariyaganj town on the India-Nepal border, about 200 km from Lucknow.