The assigned person submits the court order in bank and deposits money as FDs
Hyderabad: Fraudsters stole Rs 18.47 crore deposited at the SBH’s Singapore Town-ship branch in Ghatkesar. The amount, belonging to some companies, which are having a dispute and whose trial is pending in HC, was deposited by a liquidator appointed by the bank. In a similar case, Rs 8.47 crore was looted from the SBH branch in Mallikarjuna Nagar. Police suspect former employee K.V. Ramana Rao for the scam.
The HC had ordered the properties of the disputed companies to be seized and kept in banks as fixed deposits.
A liquidator appointed by the HC was managing the deposits and used to release funds as per court orders. The liquidator assigns an employee to oversee transactions between his office and the bank.
The assigned person submits the court order in bank and deposits money as FDs. The FD receipts will be collected by him and handed over to the liquidator.
While transferring FD receipts from the bank to office, fraudsters replaced the original receipts with duplicate ones.
“Later, they produced fake authorisation letters from the liquidator and diverted the funds to 13 banks across the country,” said inspector G. Shekar Goud. Later the funds were withdrawn.
The case is being transferred to the CBI’s economic crimes wing. Mr Murthy who works for the liquidator oversees the deposit process.
Ten days before the process a former bank employee K.V. Ramana Rao, informed both the banks that funds would come and deposited in the AP Housing Board Corporation Limited's account.
According to sources in Ghatkesar, Ramana Rao submitted fake authorisations with the signature of the AP Housing Board director and diverted the funds from the account in Ghatkesar branch.
The authorities diverted the funds but later got suspicious and when verified with the liquidator found that it was a fraud. Initially they found Rs 3 crore missing, but on further investigation, Rs 18 crore was found missing. The case is being transferred to Economic Offences wing of the CBI.
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( Source : deccan chronicle )
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