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An assistant manager of Indian Overseas Bank, Rajim branch, has been arrested for embezzling over Rs 1 crore by issuing fake jewel loans. The arrest was made by the State Economic Offenses Investigation Bureau (EOW), and the accused, Ankita Panigrahi, was caught from Bargarh, Odisha. After the arrest, the police began interrogating her and taking further legal action.
What exactly happened?
In 2022, Ankita Panigrahi was working as an Assistant Manager at the Rajim branch of Indian Overseas Bank, located in Gariaband district. During her time there, she misused closed bank accounts to create fake jewelry loan records. By doing this, she was able to fraudulently withdraw a total of Rs 1 crore 65 lakh from the bank.
When this scam came to light, the bank immediately terminated her employment. Then in 2023, the Economic Offenses Wing (EOW) officially registered a case against her. The case was filed under Section 13(a) of the Prevention of Corruption Act, 1988 (as amended in 2018), and Section 409 of the Indian Penal Code, which deals with criminal breach of trust by a public servant.
For a long time, Ankita had been absconding (hiding from the authorities), but the EOW finally tracked her down in Bargarh, Odisha. She was taken into police custody (remand) so that officials could question her thoroughly about the fraud. The EOW is now conducting a detailed investigation to uncover the full extent of the scam and to check whether other people were involved.
In a big PSB where a RM has been indulged for irregularities like transfer of officers and recommendations of officers for higher grade by way of accepting consideration, gift, other things illegally
I also worked in a nationalised bank and never come across higher ups are involving in transfers for consideration. At the most they used to recommend good people in transfers.
Nowadays people became more greedy and want to be rich by hook or crook.
If she is found guilty she has to undergo the sentence without any mercy. But is not and involve other colleagues trap should be protected
IOB has become infamous for murder attempt robbery and dacoity.
Something is wrong with the base structure of the organization. Many frauds are located after long time.
Frauds arise due to non compliance with system and procedures. All frauds come to light sooner or later. Question arises on audits and controllers oversight. No leniency to be shown to her.
IOB has sound processes and procedures just like all other Nationalised banks. The article clearly says that the Bank found out and terminated the culprit… These things can happen to any bank.. In general, all Banks need to stop running after crazy targets all the time and focus more on keeping the depositors money safe by adhering to time tested processes..
The reason of bank fraud is in rise because the management at higher position gives tremendous pressure on branches for achievement of unrealistic targets , which is beyond the capacity of branch manager. Altimately loans are disbursed with forged documents to achieve the target. Doing these type of transaction gradually creates a loophole in the rest of staff to indulge in fake loans and take untoward benefits.
Overlooked audit with inexperienced people engaged is another concern.