Case of fraud against six bank employees

Case of fraud against six bank employees

The District Crime Branch (DCB) wing has registered a case against six employees of the Pudukottai branch of State Bank of Travancore here on a charge of having committed fraud in the customers’ accounts.

Misappropriated loan amount

According to a complaint lodged with the DCB by the branch manager, Gopalakrishnan, the employees -- Sivakumar, appraiser, Charat Lal and Narasimhan, both accounts managers, Ganapathy, Joe Daniel Arokiam and Rubesh, all chief cashiers -- had misappropriated about Rs. 63.67 lakh by “pledging” fake ornaments along with gold jewels of customers while sanctioning jewel loans.

They had misappropriated the additional loan amount from 31 accounts of 24 customers.

The fraud was committed between July 13, 2015 to July 12, 2016. The fraud came to light during the course of audit, according to the complaint.

Meanwhile, panic stricken customers whose accounts had been fraudulently used by the bank employees, assembled at the branch. They said that the bank officials, whenever they came to pledge their jewels, used to get signatures in a number of jewel loan forms.

The police have registered case under Sec120 B (Criminal conspiracy), Sec. 406 (Criminal breach of trust), Sec. 409 (Criminal breach of trust by banker), Sec. 465 (Forgery), Sec. 467 (Forgery of valuable security), Sec. 468 (Forgery for the purpose of cheating) and Sec 471 (Using as genuine, a forged document) of the IPC. No arrest has been made yet.

Source:BankingUpdates