Two bank staff arrested for misappropriation in Ranipet

Two staff members of Urban Co-operative Bank at Walajah town in Ranipet district were arrested by the Economic Offences Wing (EOW) for alleged misappropriation of ₹7.83 crore. The fraud was committed by disbursing salaries to non-working individuals and issuing loans in the names of account holders without their consent, and manipulating deposit funds.

The police said the arrested persons are identified as S. Shankar, 58, and D. Bharthi, 52, secretary and clerk of the society respectively.

Based on complaints of irregularities, the Co-operative Audit Department conducted an audit of the bank. They found irregularities such as fraudulent listing of retired individuals as active employees since 2021, detecting salaries in their names, and adding names of the society members to documents without their consent.

Based on a complaint by K. Suwetha, president of the society, EOW registered a case against the duo.

They have been lodged at Central Prison in Vellore. A probe is under way.

Published - October 05, 2024 11:37 pm IST