Noida: Assistant Manager of South Indian Bank Siphons Off Rs 28 Crore, Accused On the Run With Family

The Assistant Manager of South Indian Bank’s Noida branch was booked for allegedly siphoning off over Rs 28 crore and transferring it to the accounts of his family members, said police. The accused, along with his family members, is said to be on the run.

The bank, in its complaint, noted that a preliminary inquiry revealed that the accused siphoned the money by opening savings and fixed deposit accounts.

According to an Indian Express report, 45-year-old Renjith R Nair, Deputy General Manager and Regional Head of the South Indian Bank Ltd alleged that the accused and his family might have fled the country.

“On December 3, the bank’s Chief of Internal Vigilance Department… received an email from (the accused) stating that certain persons associated with one of the customers are threatening him to do certain illegal transactions and since he objected to it, he is facing threats to his life… He made a prayer for registration of crime against… a firm (a customer), while alleging its directors are involved in hawala transactions,” Renjith was quoted by Indian Express as saying.

“The bank also received a complaint from (the firm), which said (the accused) had fraudulently and unauthorisedly withdrawn Rs 28.07 crore from the account of said company without the knowledge/authority of the directors,” he further said.

The bank claimed from the transactions it seems the accused’s wife and mother were also involved in the offence. He is placed under suspension, is on the run and not cooperating with internal investigation, Renjith further stated.

The FIR under IPC sections 420 (cheating), 409 (criminal breach of trust by a public servant, or by banker, merchant or agent), 468 and 471 (both related to forgery) has been registered against the accused, his wife, his mother and other unknown persons.

Police have formed a team to investigate the matter and nab the accused.