The Economic Offences Wing (EOW) of the Mumbai Police arrested a bank manager on suspension in connection with a 2014 fraud case, in which cash credit facilities worth crores of rupees were granted against fixed deposit (FD) receipts in the name of the South Indian Education Society (SIES).
The EOW has till date arrested three accused who allegedly set up overdraft (OD) accounts or cash credit facilities against fixed deposit (FD) accounts of various organisations posing as representatives of these organisations using forged documents.
Apart from the SIES, the other victims included government bodies such as the Mumbai Metropolitan Regional Development Authority, Agricultural Produce Market Committee and the Maharashtra Tourism Development Corporation.
Officials said Prabhakar Dingankar, who was a manager with the Taloja branch of the Bank of India in 2014, was arrested on Tuesday night.
Deputy Commissioner of Police (EOW) Pravin Padwal said, “Dingankar was a manager with the branch in which the SIES had its account, and from which the accused availed themselves of cash credit facilities against the SIES fixed deposit account. He sanctioned the cash credit facilities without verifying whether the accused were indeed representatives of the SIES and also sent a favourable report to the bank’s zonal office.”
Dingankar was produced in a holiday court on Wednesday and remanded in the EOW’s custody till January 1, officials added.