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, Delhi Police said on Wednesday.
The accused have been identified as Ram Pat Singh, a resident of Dwarka, and Amit Kumar (40), a resident of Najafgarh in Delhi, they said.
According to the police, two customers of the Bank of India, Najafgarh, informed the bank about fraudulent transactions from their accounts. Upon inquiry, the bank found that money, from both the customer's accounts, was transferred to the account of Mani Traders.
A complaint was made by the Bank of India officials alleging that Jangra, a timber trader, deposited the cheques in the cash credit (CC) limit of Mani Traders. The money was then transferred from this account to other different accounts related to relatives of accused Jangra, a senior police officer said.
The investigation revealed that Ram Pat Singh, then senior manager and branch head of the bank, was well acquainted with the bank's system. 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 the 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 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 (Economic Offences Wing) OP Mishra said.
The amount was later on withdrawn in cash after diverting it to other savings accounts.
Ram Pat Singh and Jangra, the beneficiary, were arrested by the Delhi Police's EOW on Tuesday. The role of other accused is under probe, the police said.
Jangra owns a timber business in Najafgarh. While looking for a loan to expand his business, he came in contact with the branch head of Bank of India, Najafgarh who connived with him in getting the money of other account holders transferred into his account through forged cheques, the police added.
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