The branch manager allegedly misused a client’s fixed deposit account to generate overdrafts worth ₹5.7 crore and transfer the money to about 30 bank accounts in Karnataka and West Bengal within seven days.
The branch manager allegedly misused a client’s fixed deposit account to generate overdrafts worth ₹5.7 crore and transfer the money to about 30 bank accounts in Karnataka and West Bengal within seven days.
The branch manager of a nationalized bank is among three accused of misusing a customer’s fixed deposit account to generate overdrafts worth ₹5.7 crore and transferring them over about 30 bank accounts in West Bengal and parts of the state within seven days. May.
The fraud came to light when senior officials came across sudden surges in overdrafts and launched the investigation.
Based on a complaint filed by Indian Bank Area Manager DS Murthy, Hanumanthanagar Police on Friday charged the branch manager, deputy manager and clerk with cheating and forgery.
Mr Murthy in his complaint said that one of the customers with a balance of ₹1.3 crore had borrowed a loan of ₹75 lakh.
As per the procedure, the bank had put a lien mark on the account (if someone deposits a FD as collateral for a loan, after that he will not be able to withdraw any amount from the FD because the bank will put a lock or mark this FD amount as a lien amount).
However, the accused removed the lien mark and generated overdrafts by basing the FD account as surety and transferred the ₹5.7 crore to 30 different bank accounts in West Bengal and Karnataka, police said.
The police have launched an investigation and are checking the documents to find the accounts of the beneficiaries and their link to the accused.
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