Two bankers, bizman held for unauthorised debit of Rs 40 cr of housing finance firm

Hyderabad, Jul 30 (PTI) A manager and an employee of a private bank here were arrested along with a businessman for alleged unauthorised debit of Rs 40 crore from the account of a housing finance firm, police said on Tuesday.

Based on a complaint lodged by the bank’s authorities on July 19 against the manager and service delivery manager at Shamshabad Branch here, a case was registered and the two bankers were arrested on July 24 in Hyderabad, while the businessman was arrested on July 29 in Delhi, a release from Cyberabad Police Commissionerate said.

All of them were sent to judicial remand, it said.

The complainant stated on July 12 the two bankers allegedly made an unauthorised debit of Rs 40 crore from the account of the housing finance firm at the bank's Nariman Point Mumbai branch, it said.

The transactions were allegedly executed by their bank employees in collusion with others, who conspired to misappropriate funds, resulting in Rs 40 crore loss for the bank, the complaint said.

The two bankers, who were accused of conspiring to misappropriate funds, facilitated unauthorised debit transactions from the account of the housing finance company, police said.

These transactions were carried out without proper authorisation or instructions from the account holder, and the funds were subsequently transferred to various other accounts, they said.

After the unauthorised transfers, the third accused (businessman) orchestrated the withdrawal and further distribution of the misappropriated funds, police said.

Among the disbursements, the third accused facilitated the purchase of two cars, one of which was promised to the bank manager as a reward for his cooperation in the fraudulent scheme, police added. PTI VVK VVK KH