Senior public sector bank manager booked for siphoning off Rs 63.24 lakh

A senior official of a public sector bank was arrested for allegedly abusing his position and siphoning Rs 63.24 lakh from the bank account.

Police said the accused used non-functioning bank accounts and an overdraft method to siphon money from time to time between May and July and that a case was registered at Wadala Police Station after officials at the bank’s headquarters noticed the fraud.

Senior Police Inspector Shahaji Shinde from Wadala Police Station confirmed that an FIR had been registered against senior official Neeraj Kumar.

Kumar, in his confession during the internal investigation, said he allegedly embezzled the money and used it to buy land in Patna in Bihar, police said.

Explaining the modus operandi chosen by the director, an officer said Kumar focused on a few bank accounts that had not been opened in recent months.

“Since he has the authority because he is in the senior management position, he increased the transaction limit of these accounts, after which he got overdrafts issued on behalf of these bank accounts. And after that amount was deposited into those accounts, he then transferred the amount to his and his wife’s bank account in Patna and used to buy land there, ”a source said.

Subsequently, the manager closed the temporary overdrafts created on these bank accounts and brought the transaction limits back to normal.

Police said a report on the day-to-day operation of the branch is being sent to its headquarters, which in one of its recent assessments sensed something was wrong. “It was found that numerous overdraft transactions had taken place in recent months and the money had been embezzled into one of the accounts of a bank employee,” said an officer.

An internal investigation was set up in which Kumar’s role was identified, and he allegedly confessed to using the money to buy land in his hometown.

The general manager working with the same branch then reported the case to the Wadala police. The employee had filed a complaint request on August 30 and after verifying the complaint, a case was registered earlier this week under section 409 (criminal breach of trust by an official, or by a banker, merchant or an agent) and 420 (cheating) of the Indian Penal Code.


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