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Central Bureau of Investigation raids continue

Insider accused in Rs 8.94cr fraud.

Hyderabad: The Central Bureau of Investigation probing the Rs 8.94 crore fraud reported at Telangana Grameena Bank in Moinabad conducted searches at various places in the city and reportedly picked up a few persons for questioning.

The CBI had, following a complaint by the bank regional manager M. Ravinder Reddy, registered a case against Madi Jaipal Reddy, 34, an office assistant, and nine others for cheating, forgery and falsification of accounts.

The employees had tampered with face value of term deposit receipts (TDRs) while making online entries in the computer system by omitting the digit ‘0’. They also did not enter the transactions in account books, did not have physical issue of TDRs and regenerated old TDRs after accepting the funds.

The CBI had received a complaint from bank officials on February 7 about the fraud that came to light last month following an internal audit. Officials approached the CBI and lodged a complaint as they suspected that the fraud might run into several crores. The bank later approached the local police.

The money was transferred through NEFT to bank accounts of third parties connected with the fraud. Accused Jaipal Reddy had managed to commit the fraud because of the gross negligence on the part of the branch manager and non-adherence to established systems and procedures, CBI officials said.

( Source : Deccan Chronicle. )
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