Bank Fraud Uncovered: Three Arrested for Unauthorized Rs 40 Crore Debit

A manager and an employee of a private bank, along with a businessman, were arrested for an unauthorized debit of Rs 40 crore from a housing finance firm’s account. The arrests followed a complaint from the bank, revealing a conspiracy to misappropriate the funds. All accused have been sent to judicial remand.

In a significant financial scandal, a manager and an employee of a private bank were arrested along with a businessman for allegedly unauthorized debiting Rs 40 crore from the account of a housing finance firm, Cyberabad Police revealed on Tuesday.

According to the police, the initial complaint was lodged on July 19 by the bank's authorities against the manager and service delivery manager at Shamshabad Branch. The arrests took place on July 24 in Hyderabad for the bankers and on July 29 in Delhi for the businessman.

The complaint detailed that on July 12, without proper authorization, the bankers executed transactions that diverted Rs 40 crore into various accounts. The businessman then facilitated the withdrawal and disbursement of these funds, even buying two cars, one promised to the bank manager for his cooperation. All involved have been remanded judicially.