Punjab & Sind Bank has suspended Chief Manager involved in fraud against Rice Miller.
Police had arrested and sent the accused officer to jail involving the withdrawal of Rs 7.82 crore through photographs of unsigned cheques from a Punjab & Sind Bank account.
The arrested accused, Radheshyam Prabhakar, a resident of Brahmpura, Phulparas police station area, Madhubani district, Bihar, was earlier the manager of the branch located at Degree College Chauraha in the city.
He was posted as Chief Manager at the Regional Office of Punjab & Sind Bank, Siddharth Enclave, Ashram Road, New Delhi. Police arrested him from Gohaniya Chauraha under Kotwali police station limits and produced him before the court, which sent him to jail.
A rice mill operated by Mohammed Jishan, a resident of KGN-2 Colony in the Kotwali Sadar area of the city, is located in Amariya. His firm’s account is maintained at the Punjab & Sind Bank branch on Tanakpur Bypass Road. In 2024, a loan of Rs 10 crore was sanctioned against this account, which was later increased to Rs 15 crore.
Earlier, his account was with Indian Bank. It is alleged that the then branch manager Radheshyam Prabhakar lured him with the promise of a higher loan facility and a lower interest rate and got his account transferred to his bank.
He also remained in regular contact, promising to increase the limit to Rs 25 crore. During this period, between 6 May 2025 and 23 January 2026, photographs of around 20 cheques were obtained through WhatsApp.
The cheques did not even bear signatures. It is alleged that with the help of these photographs and in connivance with other bank employees, Rs 7.82 crore was withdrawn from the account, while the original copies of the cheques were safely kept by the account holder.
When the fraud came to light, the rice mill owner complained to senior bank officials. He was assured that the amount, along with interest, would be returned, but even after considerable time, the money was not returned. When no action was taken, an FIR was registered at the police station on the court’s orders against the branch manager under various sections, including cheating and fraud.
Kotwali Station House Officer Naresh Tyagi said that the Crime Branch was investigating the case. After the allegations were found to have prima facie merit, the manager was taken into custody and questioned.
Based on the evidence, he was sent to jail. The role of other bank employees is still being investigated. Recently, the bank has suspended the Chief Manager.
