When the bank authorities started investigating the matter, they found that one of their own bank executives was responsible for the deduction of cash in the customer’s account
If you are one of those keeping hard earned money in a savings bank account, it is advisable to check the balance very often. For, you could actually end up losing your money due to unscrupulous transfer of funds.
Recently, a high-heeled customer of a Mumbai-based private bank here was aghast when he realised that small amounts of cash had been withdrawn from his account without his authorisation.
The bank officials too were in for a shock when the customer complained to them about it.
When the bank authorities started investigating the matter, they found that one of their own bank executives was responsible for the deduction of cash in the customer’s account.
The accused, M.A. Ponnappa (29), allegedly misused his position at the bank to misappropriate funds. The executive, who had been employed at the bank since January 2006, was said to be handling the processing of various agricultural business loans and credit card transactions in the bank branch at Indiranagar.
He had allegedly been withdrawing cash from various customers’ accounts and had been transferring them to his account. He had also allegedly issued many loans and insurances in the name of other customers of the bank and had illegally amassed wealth worth lakhs of rupees during his employment at the bank.
Ponappa was suspended by the bank authorities in January 2012, and dismissed in July 2012.
On September 24 this year, a case was registered in the Indiranagar police station against the executive who is absconding. Indiranagar police officials said that they are yet to trace the accused. Further investigation is on.