Sahu collected his colleagues’ passwords relating to the bank’s internal accounts andusing the passwords, he transferred funds to other bank accounts, which he had opened in his name
A local court here on Monday sentenced an employee of the Central Bank of India’s Charminar branch to three-year rigorous imprisonment for defrauding the bank to the tune of nearly Rs. 1.6 crore five years ago.
The 12 Additional Chief Metropolitan Magistrate court also imposed a fine of Rs. 20,000 on the employee, Srinivas Sahu, in addition to the jail term, holding him guilty of fraud.
A computer operator at the bank, Sahu collected his colleagues’ login identities and passwords relating to the bank’s internal accounts to oversee their work when they went on leave or were busy with other work.
Using the passwords, he transferred funds to other bank accounts, which he had opened in his name. Later, he withdrew money from those accounts.
“During audit, he used to adjust the money, thus ensuring that the fraud was not detected immediately,” the Hyderabad Central Crime Station officers said.
Within three years, he had withdrawn nearly Rs. 1.6 crore in this fashion. Eventually, a new bank branch manager grew suspicious of the account balance and ordered an internal inquiry in 2008.
The Hyderabad CCS registered a criminal case following a complaint lodged by bank officials and filed a charge-sheet after arresting Sahu.
Then CCS Inspector S. Anil Kumar, now DSP with Vigilance and Enforcement, investigated the case.