Misappropriation case filed against Chetan Parekh

Parekh,a share dealer,became a millionaire overnight when the BOB deposited Rs 3.36 crore in his account on Saturday. The sum was meant for UTI AXIS Bank. Parekh had withdrawn the whole sum by Tuesday.

The police said though the deposit of the money in Parekh’s account was an error on the part of BOB,Parekh, who runs Riddhi Siddhi Investments from Mochi Bazar,has been accused of withdrawing money with vested interest.

While the BOB has set up an in-house inquiry to fix responsibility for the goof-up,the preliminary investigation by the local crime branch has revealed that Parekh had withdrawn money with the knowledge of the branch manager.

The police said on Tuesday,Parekh contacted branch manager before withdrawing Rs 3 crore,which the bank brought from the currency chest. Investigation has revealed Parekh told the manager that he has received money from a client and need cash to buy a property. Parekh also refused the manager’s suggestion to open an account for the receiver in the same bank instead of carrying the cash.

Parekh reportedly left the bank with cash in a car. In the afternoon,when the bank officials realised about the mistake,they called Parekh who avoided the call calling it “a wrong number’’. At night,the bank reported the matter to the crime branch,which by morning of Wednesday recovered the money. Parekh had reportedly shifted over Rs 3 crore to his father-in-law’s house in Jamnagar. He had deposited the remaining amount in his wife’s and some other accounts in different banks.