Wednesday, December 17, 2008

Kapol co-operative bank fraud unearthed -

Mumbai: The Kapol Cooperative Bank, a multi-state cooperative bank, has unearthed a fraud of Rs two crore committed by an employee by manipulating certain records, the bank today said.

The bank has recovered the entire amount and there has been no financial loss, the bank Chairman K D Vora told reporters here.

The police have arrested one Malti Kanchan, junior officer in the RTGS (Real Time Gross Settlement ) department of the bank and Abdul Wahid Mapkar, an ex-employee of the bank in this connection and more arrests are likely, Vora said.

The bank said in a statement that on October 24, two outgoing RTGS remittance of Rs one crore each were fraudulently executed by Malti Kanchan and funds were remitted to two accounts of Axis Bank in Kolkata .

However, Kapol Co-operative then swung into action and asked Axis Bank to freeze the two accounts. Axis has subsequently sent the amount fraudulently deposited in its two accounts back to Kapol Co-operative Bank.

"The amount of Rs 2 crore went out of the bank on October 24, 2008 and was recovered on November 11", the bank statement said.
Source : PTI

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