Bank of Baroda Kalikiri Branch Scam Detected

Chittoor Police detected embezzlement of funds in the Kalikiri branch of Bank of Baroda (BoB) on Thursday. As part of the investigation, several details related to the fraud have come out on Friday. As per reports the bank manager Ali Khan revealed during the police investigation that he committed the offense under pressure from his wife who kept pestering him for gold ornaments. He said that she often badgered him for gold jewelry and unable to bear the pressure he had swindled money from the bank. He confessed that he had purchased gold jewelry worth Rs 30 lakh and another Rs 70 lakh were deposited in the bank in the names of relatives. The case is being investigated by CI Nagarjuna Reddy.

The fraud had come to light when the police started investigating the complaints lodged by the bank’s customers after they discovered that their money was being deducted from their accounts without their knowledge in the past few months. The fraud was allegedly done involving a few bank employees apart from the manager. A few DWCRA members said that without their knowledge money was being deducted and they received no messages about the deduction, which were only shown after they physically updated their passbooks. While a few customers complained that their fixed deposits were withdrawn without their knowledge.

As per reports hundreds of accounts had been tampered with and the funds were transferred into the account of one bank employee. Preliminary reports suggest that Rs 4 crore has been embezzled, however, a final picture was expected by Friday evening, police said. Many customers who got to know of the fraud rushed to the branch to know about the safety of their deposits.