Bank manager arrested for ‘cheating’ account holders of Rs 50 crore

The fraud happened at the Axis Bank branch in Bansepur village near Mullanpur in Punjab

The accused bank manager has been identified as Gaurav Kumar (Representational Photo)

The Mullanpur (New Chandigarh) police have arrested a private bank manager on charges of fraudulently transferring money. The bank manager allegedly duped several bank account holders to the tune of Rs 50 crore and transferred their deposits to the accounts of his relatives.

The accused bank manager has been identified as Gaurav Kumar. Another bank employee, Sanjeet Kumar, is absconding. Gaurav Kumar used fake signatures of account holders to deposit cheques in favour of his relatives.

The fraud happened at the Axis Bank branch in Bansepur village near Mullanpur in Punjab. People came to know about the fraud after they checked their bank statements.

Mullanpur Station House Officer (SHO) Simranjeet Singh said they were looking for the second accused.

The SHO added that they were questioning Gaurav Kumar to find out more details of the fraud.

Meanwhile, one of the victims who lost Rs 9 lakh said, “We are worried whether we will get our money back or not. We met some bank officials who told us that they would proceed as per the directions of senior officials.”

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