Smart City Jabalpur has filed a First Information Report (FIR) against Kumar Mayank, Task Manager of RBL Bank’s Vijay Nagar branch in Indore, at the Madan Mahal police station in Jabalpur. A police team from Jabalpur is set to visit Indore soon to interrogate Kumar Mayank regarding allegations of fraud and financial irregularities that have resulted in significant losses for Smart City Jabalpur.
Allegations of Fraud
Smart City Administrative Officer Ravi Rao reported to the police that in 2022, representatives of RBL Bank from Indore visited the Smart City office in Jabalpur. During their discussions, the bank representatives offered an attractive interest rate of 6.25% on savings accounts, prompting Smart City to open an account with the bank.
Subsequently, Smart City deposited ₹20 crore into the account. However, the interest details provided by the bank were later found to be falsified. Instead of the promised ₹1.31 crore in interest, the documents showed a much lower amount of ₹56 lakh.
Based on this complaint, a case of fraud has been registered against Kumar Mayank at the Madan Mahal police station, and an investigation has been launched.
Details of Financial Irregularities
The investigation uncovered several financial malpractices, including:
- Unauthorized Account Conversion
- The savings account of Jabalpur Smart City Limited was converted into a current account without prior permission, leading to a financial loss of approximately ₹1.32 crore.
- Fake Interest Certificates
- Interest payments were made using embezzled funds, and fake certificates were issued to cover up the fraudulent activity.
- Misuse of CSR Funds
- An amount of ₹27 lakh, allocated for development work under Corporate Social Responsibility (CSR), was misappropriated and spent using illegally embezzled funds.
Breach of Trust and Embezzlement
Through these fraudulent practices, Kumar Mayank and other RBL Bank officials are accused of breaching the trust of Jabalpur Smart City Limited and engaging in financial mismanagement. These actions resulted in significant monetary losses for the organization.
The case highlights serious violations and raises questions about accountability and oversight within the bank. The investigation is ongoing, and further action will be determined based on the findings.