Case filed against Bank of India Manager for withdrawing money from deceased customer’s account

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In a shocking turn of events, two officials, including the manager of Bank of India in Shimla, have been accused of embezzling Rs 2.8 lakh from the dormant account of a deceased individual. The Sadar police has initiated an investigation into the matter after registering a case against the former manager, Yogesh, and the special assistant, Vijay. The incident came to light when the bank’s enterprise fraud risk management system flagged suspicious transactions from the inactive account on March 11, 2024. Subsequent investigations revealed that the account holder, SP Madan, had passed away in 1992.

Due to the absence of any transactions, the account had remained inactive. It is alleged that Yogesh and Vijay took advantage of this situation. They purportedly used fraudulent documents to reactivate the account in March of this year and subsequently withdrew the funds. Once the fraud was confirmed, the Bank of India conducted its own internal investigation before senior branch manager Ankush Rangta reported the matter to the Sadar police station. The police have now launched a thorough investigation into this grave incident of embezzlement.

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5 COMMENTS

  1. I am not able to understand how an account whose holder died in 1992 remained dormant till 2024 while as per RBI guidelines funds should have been transferred to DEAF after 10 yrs from date of its last debit transaction. In this particular case since no claimant has come forward to claim the money lying in deceased person’s account hence amount should have been transferred to DEAF long back . I don’t feel that a manager and spl assistant will dare to withdraw such a small amount fully being aware of severe punishment for such an offence.

  2. Administrative order sometimes needed if deceased claimant or activation for more than 2years system to be flagged

  3. The top executives only show case such cases as if they take actions in all fraud cases. This is also definitely a lapse as pointed out by you.The exercise of transferring 10 year old dormant to DEAF appear not complied.Frauds due to lapses on part of top executives are all concealed in banks.

    • Now I understand why Deaf account ofRBI is important.
      Thanks to our bank management such compliance exist in pnb and I wish other banks too have such compliance management where incident of fraud will automatically be solved.
      There are many thieves robbers in disguise as bankers in various banks across India waiting for opportunities.

  4. It is true that this account ,being an unclaimed deposit account, should have been transferred to DEAF account. An investigation should also to be done, for why not transferred on so many occasions.

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