Ten convicted in Axis Bank fraud case

FPJ BureauUpdated: Sunday, June 02, 2019, 02:05 AM IST
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The District and sessions court, Jabalpur, convicted 10 accused in Axis Banks Rs 50 crore fraud case on Saturday. The case was reported in 2010.

Madhya Pradesh Economic Offencesalt39Wing ( EOW) had filed a charge- sheet against 10 accused

arrested in connection with the Rs 50 crore fraud case in Axis Bank.

The charge- sheet was filed in the court of Special EOW Judge R P Mishra in November, 2010. Axis Banks Jabalpur branchs deputy manager Kshitij Dubey had received a cheque of Rs 50 crore from Axis Banks Bhopal branch in January, 2010. He deposited it in a fake account opened in the name of Narmada Valley Development ( NVD) Phase III, Bhopal. SS Siddiqi was authorised to operate the account.

With the help of other accomplice, Kshitij withdrew Rs 4 crore from the fixed deposit account and deposited it in another fixed deposit account a few days later.

He opened a loan overdraft account in the name of Narmada Valley Development Phase III, Bhopal and Get RI for terms ranging between 8 and 5 years

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