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Big Fraud in IDBI Bank, CBI may investigate into Rs.5 Crore seized by Income Tax


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In a recent case in Mangaluru, an Income Tax search led to the seizure of ₹5 crore belonging to IDBI Bank. The bank has now requested a Central Bureau of Investigation (CBI) investigation into the incident.

Background of the Case

The case unfolded in mid-December 2023 when Income Tax officials conducted a search at a business establishment near Kankanady. They intercepted a currency-laden vehicle carrying ₹5 crore that was meant to be delivered by IDBI Bank. However, it was discovered that the businessman at whose premises the vehicle had arrived was not connected to the transaction. The money was actually intended for another person, who is a regular customer of the bank.

During the investigation, it was revealed that the customer had sought a loan against gold stored in the locker of the Kankanady branch of IDBI Bank. However, he had not completed the loan application process, and there was no explanation for the arrival of the currency-laden vehicle at the premises.

Bank officials were unable to provide documents establishing the purpose for which the cash had been withdrawn.

Accusations and Police Involvement

The customer went to the police station and accused two bank officials, the Manager and Assistant Manager, of cheating him. He claimed that the bank had not returned the 1.9 kg of gold that he had pledged and had debited ₹61 lakh from his overdraft (OD) account without his consent.

The Mangaluru South police initially handled the case. The customer accused the bank of not releasing the pledged gold and of unauthorized debiting of funds from his account. The police investigation revealed that a bank employee had removed ₹5 crore from the bank’s vault and transported the cash, which was intercepted by Income Tax officials. The bank has accused its employee of colluding with the customer.

The two bank employees involved in the case are currently on the run after their anticipatory bail application was rejected by the sessions court in Mangaluru.

Transfer of the Case and IDBI Bank’s Request

Due to the amount involved in the case being over ₹25 lakh, the cheating case of the bank customer has been transferred from the Mangaluru South police station to the Cybercrime, Economic Offences, and Narcotics police station.

IDBI Bank has written to the CBI, requesting the agency to investigate the case, which involves the misappropriation of around ₹6 crore. Despite multiple attempts to obtain a response, IDBI Bank has declined to comment on the case.

In conclusion, an Income Tax search in Mangaluru led to the seizure of ₹5 crore belonging to IDBI Bank. The case involves allegations of cheating, misappropriation, and unauthorized debiting of funds. IDBI Bank has sought a CBI investigation into the incident.

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