Four arrested for causing ₹33 crore loss to bank

The financial misappropriation was found during an internal auditing by the bank

The Central Crime Branch (CCB) of Coimbatore city police arrested four persons, including a former Assistant General Manager (AGM) of a bank for alleged misappropriation of money to the tune of ₹ 33 crore by forging various documents.

As per the preliminary investigation conducted by the CCB, 33 persons, including the four persons arrested were involved in the alleged financial misappropriation.

CCB officials said that Sivasubramaniam, who worked as AGM of Tamilnad Mercantile Bank's (TMB), Tiruchi Road branch in Coimbatore, a middleman Mahesh from Sulur, an engineer appointed by the bank Pandian and a businesswoman Gomathi from Selakarichal were arrested late on Friday.

According to CCB officials, the four persons were arrested based on a complaint filed by Lakshmi Prasad, the current AGM of TMB's Tiruchi Road branch.

As per the complaint filed by Mr. Prasad, the financial misappropriation was found in an internal auditing by the bank.

Investigation by the CCB team lead by inspector A. Ravi and sub-inspector K. Yamuna found that the four accused arrested and 29 others entered into a criminal conspiracy, forged documents and committed cheating and criminal breach of trust for the alleged financial misappropriation which caused a loss of ₹ 33 crore to the bank.

CCB officials said that Sivasubramaniam was removed from the post temporarily following the audit findings in 2019.

The four persons arrested were produced before the seventh judicial magistrate court and remanded in judicial custody. The police are on the search for the other 29 persons.

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Printable version | Feb 23, 2020 10:46:27 AM |

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