TNN | Jul 21, 2014, 03.19 AM IST
CHENNAI: Central Crime Branch sleuths arrested a senior official of a nationalised bank for cleaning out at least Rs 1.5 crore from the accounts of customers.
Indian Overseas Bank senior manager M Paasuramamoorthy, 57, of Karpagam Garden in Adyar, siphoned off funds from an NRI's fixed deposit and those of two other customers to cover up the first offense, investigators said.
As manager of IOB's Rajapalayam sub-branch, Parasuramamoorthy used a fake demand draft to withdraw money from the fixed deposit of A K D Kumar, who is based in the United States and had given his brother Venkatramanaraja authority to manage his accounts in his absence.
Parasuramamoorthy then received a transfer to IOB's main branch in Rajapalayam where he was posted as senior manager. Shortly after this, Venkatramanaraja asked Parasuramamoorthy, who had been handling his brother's accounts, to renew the fixed deposit and transfer it to the main branch.
Since Parasuramamoorthy had taken the money from the fixed deposit, he issued a fake receipt for account renewal. Venkatramanaraja then asked the bank manager to pay him the sum from other fixed deposits that had matured. A desperate Parasuramamoorthy took 80 lakh from the account of another customer, Ponnusamy, and used the money to pay Venkatramanaraja.
"Soon after this, in 2013, he took a transfer to the Adambakkam branch of IOB," an investigating officer said. "A couple of months later, Venkatramanaraja wanted to encash other deposits. But Parasuramamoorthy had pilfered from them so he took 61 lakh from the account of another customer, Gomathy, in the Adambakkam branch."
As the bank manager's fraudulent schemes unravelled, the Rajapalayam police received a complaint from Ponnusamy and booked a case of cheating against Parasuramamoorthy. Investigations by CCB revealed that the manager was guilty of multiple offences. Investigating officers are interrogating Parasuramamoorthy to see if he cheated other customers.
An Alandur court has remanded Parasuramamoorthy in judicial custody.
Indian Overseas Bank senior manager M Paasuramamoorthy, 57, of Karpagam Garden in Adyar, siphoned off funds from an NRI's fixed deposit and those of two other customers to cover up the first offense, investigators said.
As manager of IOB's Rajapalayam sub-branch, Parasuramamoorthy used a fake demand draft to withdraw money from the fixed deposit of A K D Kumar, who is based in the United States and had given his brother Venkatramanaraja authority to manage his accounts in his absence.
Parasuramamoorthy then received a transfer to IOB's main branch in Rajapalayam where he was posted as senior manager. Shortly after this, Venkatramanaraja asked Parasuramamoorthy, who had been handling his brother's accounts, to renew the fixed deposit and transfer it to the main branch.
Since Parasuramamoorthy had taken the money from the fixed deposit, he issued a fake receipt for account renewal. Venkatramanaraja then asked the bank manager to pay him the sum from other fixed deposits that had matured. A desperate Parasuramamoorthy took 80 lakh from the account of another customer, Ponnusamy, and used the money to pay Venkatramanaraja.
"Soon after this, in 2013, he took a transfer to the Adambakkam branch of IOB," an investigating officer said. "A couple of months later, Venkatramanaraja wanted to encash other deposits. But Parasuramamoorthy had pilfered from them so he took 61 lakh from the account of another customer, Gomathy, in the Adambakkam branch."
As the bank manager's fraudulent schemes unravelled, the Rajapalayam police received a complaint from Ponnusamy and booked a case of cheating against Parasuramamoorthy. Investigations by CCB revealed that the manager was guilty of multiple offences. Investigating officers are interrogating Parasuramamoorthy to see if he cheated other customers.
An Alandur court has remanded Parasuramamoorthy in judicial custody.
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