New Delhi, Jan 6 (PTI) A 62-year-old former senior manager of a public sector bank and his associate were arrested for allegedly misappropriating funds of two customers through fraudulent transactions, police said on Wednesday.
The accused have been identified as Ram Pat Singh, a resident of Dwarka Sector-5, and Amit Kumar (40), a resident of Najafgarh, they said.
According to police, two customers of the Bank of India, Najafgarh, informed the bank about fraudulent transactions from their accounts. On inquiry, the bank found that money, from the accounts of both of them, was transferred to the account of Mani Traders.
A complaint was made by the officials of the Bank of India alleging that Jangra deposited the cheques in the cash credit (CC) limit of Mani Traders. Thereafter, the money was transferred from this account to other different accounts relating to relatives of accused Jangra, a senior police officer said.
The investigation revealed that Singh, then senior manager and branch head of the bank, was well acquainted with the system of the bank. He, in connivance with Jangra, opened a CC account in the name of a firm Mani Traders which was being maintained exclusively by Jangra using name and signatures of his mother, the officer said.
'Earlier, the senior manager sanctioned the CC Limit of Rs 30 lakh for the account. The manager then offered him to increase the CC limit by the way of routing entries in this bank account and in a planned manner, they transferred Rs 2.63 crore in this CC limit account from the account of other customers,' Joint Commissioner of Police (EOW) O P Mishra said.
The amount was later on withdrawn in cash after diverting it to other saving accounts.
Singh, a former senior manager of the Bank of India and the then branch head, and Jangra, the beneficiary, were arrested by the Delhi Police's Economic Offences Wing (EOW) on Tuesday. The role of other accused is under probe, police said.
Jangra owns a timber business in Najafgarh. While looking for a loan for expansion of his business, he came in contact with the branch head of BOI Najafgarh who connived with him in getting the money of other account holders transferred into his account through forgery of cheques, police added. PTI NIT CK