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Bank of Baroda Employees suspended for providing Fake FDs to 56 customers


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Bank of Baroda Udaipur Rajasthan: A scam worth Rs 1.19 crore has been discovered at a Bank of Baroda branch in Nathdwara. This scam affected 56 customers who were given fake fixed deposit receipts (FDRs) by the bank’s former manager, Abhishek Aggarwal, and other employees, along with individuals from India First Insurance. The bank is now replacing the fake FDRs with genuine ones for the affected customers. Abhishek Agarwal has been transferred to a new branch in Bhilwara, and several other employees have been suspended as part of the bank’s efforts to handle the situation.

Bank of Baroda is an Indian Multinational public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India.

So far, 42 affected customers have received new legitimate FDRs. Interestingly, the Shrinath Temple Trust of Nathdwara also holds a significant FDR of Rs 600 crore with this bank.

To protect the bank’s reputation, the insurance company involved in the scam has deposited the fraudulent amount into customers’ accounts. However, the bank has blocked this money from being used until the situation is resolved.

Investigations have revealed that a total of 94 fake FDRs worth Rs 1.50 crore were given to 62 account holders. The current branch manager, Sureshchandra Mishra, has admitted to irregularities involving an employee of India First, the third-party company connected to the scam.

Additionally, Om Jumnani, a representative of India First Insurance, filed a complaint alleging that the bank manager instructed the transfer of funds to accounts belonging to his relatives.

The scam involved using fake computer-generated FDR receipts with the bank’s seal and an official’s signature. The manager misused signed vouchers meant for FDs to divert funds into unauthorized accounts, resulting in transfers to accounts in Kolkata and Ranchi.

Jumnani used to sit in the bank and advise customers about FD and insurance. When a customer agreed to an FD, they were sent to the manager. This is where the problem started. The manager asked Jumnani to get him to sign the voucher to withhold the amount for the FD. After signing, the bank could use that amount for making FDs, but the manager would get the amount transferred to Jumnani’s and his acquaintances’ accounts.

Then, the money was transferred from Jumnani and his acquaintances to three accounts in Kolkata and one in Ranchi. The manager would print the FDR bond on plain paper from the computer and give it to the customer with his signature, while the bank usually prepares a separate bond for this. On March 6, when the auditor discovered missing money from customers’ accounts, Jumnani realized what was happening.

He complained to the Additional Director General in the Special Operations Group (SOG) on April 2. It has been said that this was Jumnani’s first job, so he was not aware of the FD process, and the scam took place under the instruction of manager Abhishek. After the audit, on March 12, the insurance company’s regional manager Saurabh Nagar, area business head Sudhanshu Gupta, and the legal team from Mumbai also investigated the matter.

18 Comments

  1. It’s shameful on the part of a branch head that he has deceived the faith of customers just for his personal gains. He has disreputed such a large organisation by involving his other colleagues also who might not be directly benefitted from these fraudulent transactions . Insurance company representative is equally responsible as the money was transferred to his personal accounts and subsequently transferred to the Manager and his family accounts. These both persons should be given exemplary punishment to deceive the faith of customers.

  2. This is a clear cut case of Branch manager using his influence and power to use customers fund,basis action of an wrong individual overall big reputed bank and hard working bankers suffer ,Any third party can only miss sell or mis guide but can’t do transactions

  3. I have deposit of Rs 5 lakhs in BOB, whether I have to close the account or what to do, I don’t know, please kindly advise me.
    Now I lost faith on BOB.
    H N Venkatesh Gowda
    Bengaluru
    Karnataka.

    1. Don’t worry sir you can very well consult bank branch and enquire balance available in FD and you can cross check if you are using BobWorld app you can see there so don’t worry at all 👍🙏🤝

    2. Don’t worry sir.

      Your money is safe and secure. Such kind of people you can see in every stratas of society and beaurocracy.

      Don’t generalise looking at exceptions.

      Over above all this, RBI is giving guarantee for amount upto ₹5 lakhs for each depositor.

  4. After SBI electorol bonds scam ,.now BOB scam….many more may get exposed. “Modi hai tho mumkin hai” …..all scams from Gujarat.

  5. First of all why RBI allowed them to print fdr receipt on plain paper I was given too by this bank in Mumbai shivaji park branch but i refused to accept on plain paper.In view of this RBI should instruct all banks to issue receipt on printed bank name on fdr receipt like before to avoid getting victim of fraud by bank officials

  6. Do not over act , every organisation is handled by individuals. It is not the board. When Organisation is taking responsibility. Public neet not worry. BOB is Best Bank among all banks having track record of 117 years. Well deciplined Bank .
    If some thing happened in your family by act of your family members, can you blame your head? Same way . You have to think. You never get like BOB.

  7. Mr. Gopalakrishnamacharyulu SA is it right. Revathy madam commented about Modiji disrespectfully. It is Very bad of her to say like that. As you said sir, if some thing went wrong in her family can every body squarely blame Revathy madam. Learned people should apply their brains before jumping in to comment

  8. Yes this behaviour of bank employee is not ethical but equally important is higher management of bank which force employees for insurance sale whose products are just junk. Some employee buckle up under this pressure and chose such path.
    This is wrong I agree but bigger culprit are bank higher management

  9. Frauds with involvement of staff/officers have become very common in Bank of Baroda. This is because unethical pressure of higher management for third party bussiness particularly with India First Life Insurance and Branch Managers/ Regional Managers lust for foreign tour as reward for mobilising such business against wishes of customers.Since top management encourages this dirty practice no remedial action is taken.In March 2017 the Regional Head of Purnea Region in Bihar forcibly debited huge amouts of all his staff of Regional Office and transferred them to India First just to avail foreign tour as reward !

  10. I am om jumnani ,isme hume fasaya Jaa rha he mene hi sp office or sog ,rbi me aage jake complaint kri thi ki isme investigation non biased ho jesa senior ne kaha tha wesa kiya humne ,mujhe idea nhi tha ki wo fd,s bhi fake he mujhe khud ko 15march ko pata chala me abhi bhi chahta hu investigation ho or internal na hoke external ho isme shyad top management involve he isliye hone nhi de rha hai please help me on that ki investigation ho or bob ka management hone nhi de rha

  11. Jumnani ji your allegation is too far fetched. Cannt blame higher management for Branch level frauds. There is only limited control the higher management has on Branch level transactions. Branch staff has also got to be alert and aware of what is happening. Branch Manager alone cannot do all transactions single handedly.

  12. It is very bad practice of issuing FD on plain paper instead of on printed bond paper. This practice may lead to a lot of frauds which is needs to be changed

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