Who Is ‘Milking’ the Bank? Is This a Scam Waiting To Be Unraveled?

* Rs 1.20 Cr withdrawn from Vijaya Dairy account two days after demonetisation.

* SBH released new currency notes in contravention of rules.

* Needle of suspicion points to bank officials.

* Similar attempts to withdraw were refused in neighbouring Siddipet and Sangareddy.

At a time when restrictions are in force about withdrawal of money from banks, the Medak branch of State Bank of Hyderabad permitted withdrawal of Rs 1.30 crore from the account of Vijaya Dairy. The withdrawal has all the trappings of a major scam as the this was done even while hundreds of people were waiting in the queues to withdraw small amounts. And, this was done at a time when there are clear instructions that large amounts should not be made from Government accounts post-demonetisation.

Milk Producers Not Paid One Week After Withdrawal

Though the money is ostensibly meant for paying the dues of milk producers, no money has been given to them so far. The money was withdrawn on November 11, and no payments have been made to the milk producers even after a week. However, Vijaya Dairy manager Ranjit claims that the payments have been made to the farmers in 13 societies. Doubts are now being expressed as to whether the huge drawal is meant to turn black money into white or if it was attempt to help some biggies.

Neighbouring Branches Refused To Issue Money

When contacted SBH Medak branch manager Srinivasa Rao admitted that he had given permission to withdraw Rs 1.20 crore. I did not know about the ban on withdrawals from Government accounts. I came to know about it only the next day, he says.

Interestingly, attempts were reportedly made by Vijaya Dairy officials to withdraw similar amounts from Siddipet and Sangareddy, but the managers there flatly refused to release the money.