The District Crime Branch (DCB) of Coimbatore Rural Police on Tuesday arrested two employees of a spinning mill on the charge of duping the management of ₹ 6.2 crore by misappropriating bank accounts and financial transactions.
According to DCB officials, K. Kannan, general manager of Shri Dhanalakshmi Spinntex Private Limited based at Karumathampatti, and Vinoth aka Vivek Kumar, accountant, were arrested by the DCB team based on a complaint filed by C. Natarajan, the firm’s managing director.
The DCB officials said Kannan and Vinoth, both worked with the company for several years, connived with employees of a bank to defraud the money between 2014 and March, 2019.
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The firm had availed of a loan of ₹ 63 crore from the Coimbatore main branch of Tamilnad Mercantile Bank in 2010. The two accused with the help of the bank’s assistant general manager Sivasubramaniam and manager Sivachandran siphoned funds to be paid as monthly instalment against the loan.
According to the police, Vinoth paid only ₹ 21,40,921 as monthly instalment towards the loan by making changes in the loan document with alleged connivance of the two bank employees. The company was supposed to pay ₹ 53,00,000 as instalment per month. Communications related to the bank transactions were diverted to the personal mail id of Vinoth whereas it was supposed to be sent to the official mail id of the firm. Vinoth also allegedly mismanaged ₹ 1.22 crore from the fixed deposit account of the firm without the knowledge of the management to hide the siphoning done in loan transactions.
The DCB officials said Vinoth transferred the defrauded money to the accounts of his wife Kalaivani, Kannan and his wife Pushparani. Following the misappropriation and cheating came to light, the bank removed the two employees who allegedly assisted Vinoth and Kannan, officials said.
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Kannan and Vinoth were arrested by a team of DCB officials headed by inspector Yamuna Devi and sub-inspector P.A. Arun. They were remanded in judicial custody.