Cooperative bank branch manager, cashier held for Rs. 3 cr embezzlement in Amritsar

Rakesh Kumar, the branch manager and Ram Kishore, cashier of Amritsar Central Cooperative Bank Ltd, Tarsika, have been held for siphoning off Rs 3 crore, informed police officials. Another two accused secretaries of the cooperative society of the bank Sukhdev Singh and Sukhbir Singh are still absconding.
While lodging a complaint, Anritsar Central Cooperative Bank Limited manager said, “The bank

conducted an investigation after suspicious transactions were reported in which large sums of money were being transferred into private accounts from a company’s account. Rakesh Kumar, Ram Kishore, Sukhdev Singh and Sukhbir Singh were fraudulently transferring this money and these private accounts were opened by them.”

“Since the bank manager and the other three accused were employees of the bank, they used internal information about bank accounts to commit this fraud. To date, over Rs 2.82 crore had been embezzled and we expect the fraud amount to go up,” Kulbir added.

“To date, bank managers have recovered Rs 68 lakh from bank accounts where these accused had fraudulently transferred this money. Police are investigating to zero in on details of other accounts in which money was transferred,” said investigating officer sub-inspector Manjit Singh of Tarsika police station.