Indore (Madhya Pradesh): A major embezzlement case has come to light at Madhya Pradesh Gramin Bank, Jhabua, where a cashier embezzled about Rs 85 lakh by exploiting dormant accounts, an official said on Friday.
The Economic Offences Wing (EOW) has registered a case against 13 individuals, including the cashier and several accomplices.
According to EOW SP RS Yadav, the accused cashier Mohit Gupta identified multiple accounts that had remained inactive for a long time. He allegedly withdrew the money or transferred it to his account and his acquaintances accounts.
To conceal the large-scale fraud, he made withdrawals in smaller amounts at a time, eventually accumulating embezzlement worth Rs 85 lakh in the last one year.
The investigation revealed that Gupta, with the help of associates, also used the names of account holders to route the money. Some account holders, in whose names the transactions were made and funds withdrawn, have also been booked as co-accused.
When Gupta realised that the EOW probe had begun, he reportedly attempted to cover his tracks by depositing money into the bank through different channels. The EOW is now probing how the bank management failed to detect the irregularities for such a long period.
The EOW officials received a complaint recently regarding the irregularities and found the involvement of 13 people including the cashier in the fraudulent transactions. A case has been registered against the accused and further investigation is underway.
