Bank Fraud

Complaint filed against Union Bank of India MD for fraud in Govt account


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The General Manager (GM) of the Karnataka Maharshi Valmiki Scheduled Tribe Development Corporation has filed a complaint against top officials of Union Bank of India. The complaint alleges that the officials failed to follow banking norms, resulting in the loss of government funds through unauthorized transfers and disbursements. This complaint comes in the wake of the suicide of Chandrashekaran P, a superintendent at the corporation, who left behind a note exposing the embezzlement of government funds at the state-run corporation.

The case has been transferred to the Criminal Investigation Department (CID), and the complaint names several officials from Union Bank of India, including the MD and CEO, executive directors, and the chief manager of the MG Road branch.

The High Grounds police have filed a First Information Report (FIR) under various sections of the Indian Penal Code, including criminal breach of trust, cheating, forgery, and fraud. The complaint states that the corporation’s account was moved from one branch to another, and subsequent transactions revealed the disbursement of funds based on forged documents.

Rajashekar, the GM of the corporation, stated that the bank did not communicate with them after the account was moved, and when they visited the branch to collect documents, they were denied access. Upon verification, it was discovered that a significant amount of money had been disbursed based on forged documents.

Rajashekar also mentioned that none of these transactions were informed to the corporation, and no emails were sent regarding the disbursements. Additionally, Chandrashekaran P, who was involved in auditing and coordination, tragically took his own life and named the MD, accounts officer, and chief manager in his suicide note.

After informing the chief manager of the MG Road branch about the situation, Rs 5 crore was immediately transferred back to the corporation.

Rajashekar holds the bank responsible for their failures and believes that the top management should be held accountable for the lapses in their banking system.

One Comment

  1. Top management cannot be made accountable. The Branch head should be hand in glove with the culprits when large amounr of funds are getting transferred.

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