Punjab Vigilance Bureau arrests 2 Cooperative Bank officers for Rs 1.24 cr fraud

Chandigarh/Ropar, July 29

The Punjab Vigilance Bureau (VB) on Friday arrested two officers of the Central Cooperative Bank, Ropar, for allegedly committing a fraud of Rs 1.24 crore.

Assistant manager Bikramjit Singh and senior manager Ashok Singh Mann were allegedly involved in the embezzlement.

A spokesperson of the bureau said that during the investigation of a complaint, Bikramjit was found to have misappropriated the money by misusing account IDs, passwords and details of senior manager Mann besides of other employees and bank managers during his posting in the bank from 2011 to 2016.

He alleged that Bikramjit had misused his official position and transferred the embezzled money into the accounts of his family and relatives and Rs 1,24,46,547 was usurped in such accounts.

He said Bikramjit was held guilty in an internal investigation done by the cooperative bank two years ago.

During probe, it was found that he had been using passwords and IDs of Mann, who never complained to the bank or the higher authorities.

Mann was also booked in the case for his connivance in committing the fraud.

The spokesperson said a case under various sections of the IPC and Prevention of Corruption Act has been registered at VB police station, Ludhiana, and further investigation was under way.