CBI books six officials of Indian Overseas Bank

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Hyderabad: The CBI on Friday booked six former officials of the Indian Overseas Bank in Andhra Pradesh’s Vijayawada and Guntur for allegedly misappropriating Rs 4.56 crore of depositors money.

It was alleged that the secretary, Arogya Bhadratha was maintaining savings accounts with Indian Overseas Bank, Mangalagiri Branch in Guntur district and having four deposits of Rs 90 lakh each and another account with deposit of Rs 68.84 lakh, totaling Rs 4.28 crore.

It was further alleged that the bank officials and some unknown persons entered into a conspiracy and closed the four deposit accounts of the Arogya Bhadratha Secretary without any request from the account holder.

The proceeds of the four deposit accounts amounting to Rs 3.87 crore and also Rs 68.84 lakh in another account in the name of Arogya Bhadratha secretary were withdrawn in cash partially on various dates and transferred to unrelated accounts after routing through various banks office accounts and third party accounts.

Thus, the accused has allegedly misappropriated funds and caused loss to the Indian Overseas Bank to the tune of around Rs 4.56 crore including interest accrued. Searches were conducted at the premises of accused at various places in Andhra Pradesh and Tamil Nadu leading to recovery of several incriminating documents, according to a press release issued by CBI.


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