Bihar: Former branch manager arrested in Rs 101 crore funds embezzlement case

Patna: The Economic Offences Unit (EOU) of Bihar Police on Tuesday arrested a former branch manager of a cooperative bank and his two associates in connection with its probe into Rs 101 crore funds embezzlement case, an official statement said.

Police arrested Sayeed Shahnawaz, the branch manager and his two associates—Sauqat Ali and Rajnikant-- from Patna, it said.

"Investigations revealed that Sayeed Shahnawaz, along with his other associates fraudulently and in collusion with other employees of the bank opened fake accounts, and deposited government funds (including employee contributions) into those by forging documents and embezzling the money. He was posted in two cooperative banks, from 1998 to 2023, in Patna and Vaishali and defrauded a total of Rs 101 crore public funds," the statement issued by the EOU said.

The Enforcement Directorate (ED) is also investigating the same case against him under the provisions of the money laundering act. Further investigation is on, it added.