SBI employee arrested for Rs 5.24 cr fraud

"The CBI has arrested an Assistant of SBI in Porbandar, Tulsi P Ladani, for misappropriation of Rs 5.24 crore from around 259 savings accounts," a CBI spokesperson said.

"It was alleged that the accused, while working in SBI (Kutiyana branch) during 2004-2010 used to accept the money tendered by illiterate and semi-literate customers of the branch and issue a counterfoil containing stamp of the bank under his signature.

"However, the amounts thus received were not credited into the accounts of the customers and were allegedly siphoned off. He also used to make entries in the pass books in his own handwriting instead of updating the passbook by printing through computer," the spokesperson added.

"It is further alleged that he forged signatures in many transactions and withdrew money from various accounts particularly the dormant accounts. Apart from this, he issued Term Deposit Receipts (TDRs) without making entries in the system and siphoned off the amount," he said.

An amount of about Rs 5.24 crore was allegedly misappropriated by making fraudulent transactions in about 259 savings accounts, he said, adding the accused was absconding since the bank authorities came to know about the "fraud."

Ladani has been charged under various provisions of the Prevention of Corruption Act and separate charges of cheating and forgery under the IPC. A designated court has sent Ladani to CBI custody till October 12.

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