Two cooperative bank officers held in Punjab on charges of embezzlement
Hence, he was also booked in this case for his connivance in committing the financial fraud, the spokesperson said.A case under provisions of the Prevention of Corruption Act and the Indian Penal Code has been registered against both the arrested accused at VB police station Ludhiana and further investigations are under progress.
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- India
The Punjab Vigilance Bureau (VB) on Friday arrested two cooperative bank officers in a case of alleged embezzlement of Rs 1.24 crore. Assistant Manager Bikramjit Singh and Senior Manager Ashok Singh Mann were arrested for conniving in committing financial fraud in the Central Cooperative Bank Rupnagar to the tune of Rs 1,24,46,547, a state VB spokesperson said in an official statement here.
''During the investigation of a complaint received in the Bureau, it was found that Bikrmajit Singh had misappropriated the money by misusing account IDs, passwords, and details of other employees and bank managers during his posting in the bank from the year 2011 to 2016,'' he said.
He said the main accused was deputed in the clearance/draft amount transfer of inward cheques from various banks and reconciliation of the current account of the State Cooperative Bank.
He alleged that the accused had misused his official position and transferred the embezzled money into the accounts of his family and relatives and a total of Rs 1,24,46,547 was usurped in such accounts.
The spokesperson further informed that Bikramajit Singh was also held guilty in an internal investigation done by the cooperative bank two years ago. Divulging more details, the spokesperson further added that Bikramjit Singh used the credentials of senior manager Mann besides other employees from the year 2011 to 2016.
''During the probe, it has come to light that the accused had mostly been using the password and IDs of Mann but the latter never complained to the bank and higher authorities. Hence, he was also booked in this case for his connivance in committing the financial fraud,'' the spokesperson said.
A case under provisions of the Prevention of Corruption Act and the Indian Penal Code has been registered against both the arrested accused at VB police station Ludhiana and further investigations are under progress.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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