Cooperative Bank employees held in Punjab for embezzling Rs 124,46,547

Chandigarh, July 29 (IANS) The Punjab Vigilance Bureau on Friday arrested Assistant Manager Bikramjit Singh and Senior Manager Ashok Singh Mann for committing financial fraud in the Central Cooperative Bank branch in Ropar to the tune of Rs 124,46,547.

A spokesperson for the Vigilance Bureau said during the investigation of a complaint, it was found that accused Bikrmajit Singh has misappropriated the money by misusing account IDs, passwords and details of other employees and bank managers during his posting in the bank from 2011 to 2016.

He said the accused manager was deputed in the clearance and draft amount transfer of inward checks from various banks and reconciliation of the current account of the state Cooperative Bank.

He said the accused had misused his official position and transferred the embezzled money into the accounts of his family and relatives and total amount of Rs 124,46,547 was usurped in such accounts.

He said Bikramajit Singh was also held guilty in an internal investigation done by the cooperative bank itself two years ago.

Bikramjit Singh used the ID and passwords of senior manager Mann, besides other employees, from 2011 to 2016. During probe it has came to light that the accused had mostly been using password and IDs of Mann but he never complained to the bank and higher authorities. Hence he was also booked in this case for his connivance in committing the fraud.