Rs 16 crore funds misappropriated at Cooperative Bank in Mysuru

A suspected financial fraud involving approximately ₹16 crore has been reported at The Muslim Cooperative Bank in Mysuru, Karnataka. The bank’s CEO, Shaikh Ibrahim, has filed the complaint against employees who served during the tenure of Meer Humayun as the bank’s president.

In his complaint, Ibrahim has alleged that Syed Mansoor, who served as the branch manager from 2009 to 2023, misused the ‘maker-checker’ system to misappropriate funds.

Rani Channamma university suspends three employees over fund misappropriation of Rs 30 lakh. He has further alleged that Rafath Zareen and Fazalulla Sharieff, both from the bank’s head office, supported Mansoor. Other employees, Salauddin and Asgar Pasha, and some customers allegedly joined them in the fraud, the bank’s CEO stated.