
In a shocking turn of events, the Coimbatore branch of a private bank was rocked by a scandal involving a senior official and two cashiers. Along with them, three customers were also apprehended by the vigilant City Crime Branch police on Friday. The arrests were made in connection with an alleged misappropriation of a staggering sum of ₹7.33 crore.
The arrest came after Z. Mohamed Ziauddin, the Marketing Head of IndusInd Bank, filed a complaint with the police. Acting swiftly, the police took into custody Deputy Branch Manager P. Jagan Palanisamy (38), along with cashiers Nivedha and Shiek Ashraf. The three customers involved in the scheme, namely Kulothungan, Kennedy, and Harikrishnan, were also apprehended.
According to the complaint, the bank staff and customers had colluded in a calculated plan to divert substantial amounts of money from June 2023 to January 2024. These illicit funds were funneled into 12 accounts belonging to the customers, as well as one account with ICICI Bank Limited. Shockingly, these transactions were carried out without leaving any trace in the bank’s official records. The discrepancies in the bank’s transactions were eventually discovered during an audit, unraveling the extent of the scheme.
In light of the serious nature of the crime, a case has been registered against the three bank staff members and the 13 customers involved. They have been charged under various sections of the Indian Penal Code, including 120 B for criminal conspiracy, 409 for criminal breach of trust by a public servant, 420 for fraud, and 477 for fraudulent cancellation.
Following their arrest, the accused individuals were remanded in judicial custody. The police have also intensified their efforts to locate the remaining 10 customers who are believed to have participated in this elaborate fraudulent scheme. The City Crime Branch police are leaving no stone unturned in their pursuit of justice.