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Police to issue look out circular against Bank Manager in Rs.28 crore fraud


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A shocking case of alleged bank fraud has come to light in Noida, where an assistant manager is accused of siphoning off Rs 28 crore from a company’s accounts to his family and friends. The police are now on the lookout for the suspect, Rahul Sharma, and have issued a lookout circular to prevent him from fleeing the country.

The Accusation:

The complaint was filed by Renjith R Nair, a deputy general manager and regional head of South Indian Bank, at the Sector 24 police station. Nair raised suspicion that Sharma might have already fled India with his family.

The bank’s internal vigilance department had received an email from Sharma on December 3rd, alleging that he was pressured by associates of a client, Associated Electronics Research Foundation (AERF), to make illegal transactions. He also accused AERF directors of being involved in hawala transactions, a form of illegal money transfers.

However, AERF filed a counter-complaint, accusing Sharma of fraudulently withdrawing Rs 28 crore from the company’s accounts without authorization.

The Investigation:

The police are currently investigating the case and tracing the bank accounts used by Sharma to transfer the money. They believe he is currently on the run and have issued a lookout circular to prevent him from leaving the country.

Naval Singh, a city resident, claimed that Sharma used his nephew’s account to park some of the stolen money. Singh stated that Sharma approached his nephew for a Rs 20 lakh loan, promising to return it soon. However, after the money was deposited into his nephew’s account, the bank sent a notice demanding its return.

Uncertainties and Next Steps:

The case raises several questions about the security measures in place at the bank and how such a large sum of money could be siphoned off undetected. It also highlights the complex nature of financial fraud and the difficulty in unraveling such schemes.

With Sharma on the run and AERF’s counter-accusations, the investigation is likely to be complex and lengthy. The police will need to carefully examine all the evidence and interview witnesses before reaching any conclusions.

Key Points:

  • Bank assistant manager Rahul Sharma is accused of siphoning off Rs 28 crore from a client’s account.
  • He is currently on the run and the police have issued a lookout circular.
  • AERF, the client company, has filed a counter-complaint accusing Sharma of fraud.
  • The investigation is ongoing and it is unclear when or how it will be resolved.

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