Bank manager arrested on charges of fraud-Business Standard 21.07.2014
A branch manager of public sector bank has been arrested for allegedly swindling about Rs 1.40 crore fixed deposits from some bank customers.
Acting on a complaint filed by Indian Overseas Bank zonal manager G Kalyanam, a special team of Central Crime Branch officials arrested M Parasuramamurthy, the bank's Adambakkam branch manager yesterday from his residence here, a police release said.
He was later remanded to judicial custody and has been lodged at the Puzhal prison, the release said.
Investigations revealed that Parasuramamurthy while working in Rajapalayam branch had swindled several crores of rupees deposited as fixed deposits by A K D Venkataramanraja, who is the attorney of A K D Kumar (both NRIs), it said.
Parasuramamurthy, who was later elevated to the level of Senior Manager at Rajapalayam main branch, had given fake renewal letters to Venkataramanraja as the deposits matured.
Later, he had withdrawn about Rs 80 lakh deposited by a customer at the Rajapalayam main branch, as Venkataramanaraja wanted to withdraw cash from his fixed deposit account, it said.
Meanwhile, Parasuramamurthy was transferred to Adambakkam branch as its manager in Chennai and when Venkataramanaraja wanted the maturity amount, he swindled another Rs 61 lakh deposited by another customer in the branch, the release said.
Acting on a complaint filed by Indian Overseas Bank zonal manager G Kalyanam, a special team of Central Crime Branch officials arrested M Parasuramamurthy, the bank's Adambakkam branch manager yesterday from his residence here, a police release said.
He was later remanded to judicial custody and has been lodged at the Puzhal prison, the release said.
Investigations revealed that Parasuramamurthy while working in Rajapalayam branch had swindled several crores of rupees deposited as fixed deposits by A K D Venkataramanraja, who is the attorney of A K D Kumar (both NRIs), it said.
Parasuramamurthy, who was later elevated to the level of Senior Manager at Rajapalayam main branch, had given fake renewal letters to Venkataramanraja as the deposits matured.
Later, he had withdrawn about Rs 80 lakh deposited by a customer at the Rajapalayam main branch, as Venkataramanaraja wanted to withdraw cash from his fixed deposit account, it said.
Meanwhile, Parasuramamurthy was transferred to Adambakkam branch as its manager in Chennai and when Venkataramanaraja wanted the maturity amount, he swindled another Rs 61 lakh deposited by another customer in the branch, the release said.
Car agency booked for aiding in car loan fraud-Times of India
LUCKNOW: A car agency located at Faizabad Road was booked by police here on Sunday for allegedly aiding in car loan fraud. The police took the action on the report of fraud filed by manager of UCO Bank Indiranagar branch at Ghazipur police station on July 18.
A couple, identified as Dheeraj Pal and Kavita Pal, had approached the bank to get a loan of Rs 4 lakh. The bank issued a pay order in the name of the car agency on the basis of the documents submitted by the couple. When they defaulted in paying EMIs, the bank employee sent reminders to them
through posts. Failing to get any response from them, the bank staff approached the car agency.
The bank staff discovered that the car had been sold by the couple to some other person without obtaining NOC from the bank. Sub-inspector NH Khan, is handling the case said that it was to be ascertained if any RTO official was involved in the fraud. He said that owner of the car agency would also be questioned in this connection. The police are trying to trace the couple for making further inquiries, he added.
A couple, identified as Dheeraj Pal and Kavita Pal, had approached the bank to get a loan of Rs 4 lakh. The bank issued a pay order in the name of the car agency on the basis of the documents submitted by the couple. When they defaulted in paying EMIs, the bank employee sent reminders to them
through posts. Failing to get any response from them, the bank staff approached the car agency.
The bank staff discovered that the car had been sold by the couple to some other person without obtaining NOC from the bank. Sub-inspector NH Khan, is handling the case said that it was to be ascertained if any RTO official was involved in the fraud. He said that owner of the car agency would also be questioned in this connection. The police are trying to trace the couple for making further inquiries, he added.
Pakistan gangs use Indian banks for fraud-Hindustan Times
If an alert from India’s external intelligence agency Research and Analysis Wing (R&AW) is anything to go by, Pakistan-based gangs are running fake lottery rackets through 349 Indian bank accounts.
“Input from R&AW indicates that 349 bank accounts are being used/operated by Indian associates for facilitating Pak-based groups running fake lottery rackets,” an official note accessed by HT said adding that details of 99 users of Indian telephone numbers who are the local collaborators of the Pak groups “are under watch”.
In the country-wide network operated by Indian associates of the Pakistani gangs, at least 133 bank accounts in the State Bank of India, 33 in ICICI bank, 18 in Punjab National Bank and others in Bank of Baroda, Oriental Bank of Commerce, Union Bank of India, Central Bank of India and the United Commercial Bank of India, are being operated by Pak-based gangs. About 139 accounts are of unidentified banks.
“Details of these bank accounts and the telephone numbers are being shared with other intelligence agencies”, a senior government official told HT.
The vast lottery scam came to the notice of the Indian authorities in 2011. But the extent of the misuse of Indian bank accounts came to light in February 2013 when a Pak-operated lottery network was neutralised in Roorkee (Uttarkhand) and the kingpin arrested with 132 ATM cards of various Indian banks and details of 25 bank accounts. Before this, cases of similar arrests had come in from Delhi (January 2012), Jharkhand (June 2012), Gujarat (July 2012) and Punjab (November 2012).
The modus operandi involves a phone call from Pakistan with the information that the would-be victim has won a lottery and to collect the entire amount, a certain amount has to be deposited for collection and processing charges in certain Indian bank accounts. After the amount is deposited, someone withdraws the cash and disappears.
“The amount is then handed over to hawala operators who send it to Pakistan usually routed through Saudi Arabia and UAE. In this entire swindle, Indian operators get about 5% of the proceeds of the crime,” a senior government official tracking the crime told HT.
http://www.hindustantimes.com/india-news/pakistan-gangs-use-indian-banks-for-fraud/article1-1242733.aspx
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