CBI case against Indian Overseas Bank officials for misappropriation

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CBI

Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against six former officials of Indian Overseas Bank, Vijaywada and Guntur and other unknown persons alleging misappropriation of depositors’ money.

It was alleged that the Secretary, Arogya Bhadratha was maintaining savings accounts with Indian Overseas Bank, Mangalagiri branch, Guntur district having four deposits of Rs.90 lakh each and another account with deposit of Rs.68,84,111 totaling to Rs.428.84 lakh.

It was further alleged that the bank officials and 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amounting to Rs. 387.71 lakh and also Rs.68.84 lakh in another account in the name of the Arogya Bhadratha Secretary withdrawn in cash partially on various dates and transferred to unrelated accounts after routing through various banks office accounts and third party accounts.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.456.55 lakh 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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