Punjab: Vigilance Bureau arrests two co-op bank officers for embezzlement of Rs 1.24 crore

He informed that accused manager was deputed in the clearance/draft amount transfer of inward checks from various banks and reconciliation of the current account of the State Cooperative Bank.

The spokesperson further said that the accused had misused his official position and transferred the embezzled money into the accounts of his family and relatives and total amount of Rs 1,24,46,547 was usurped in such accounts.

He further informed that Bikramajit Singh was also held guilty in an internal investigation done by the cooperative bank itself two years ago.

Divulging more details, the spokesperson further added that Bikramjit Singh used the ID and passwords of senior manager Ashok Singh Mann besides other employees from the year 2011 to 2016.

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During probe it has came to light that the accused had mostly been using password and IDs of Mann but he never complained to the bank and higher authorities. Hence he was also booked in this case for his connivance in committing the financial fraud.

He informed that in this regard a case under the sections 13 (1) and 13 (2) under Prevention of Corruption Act and 420, 409, 120-B of IPC has been registered against both the accused at VB Ludhiana police station and further investigations were under progress.