VELLORE: Two staff of the Primary Agriculture Cooperative Bank (PACB) in T Periyakaram village near Kandhili were arrested on Friday for allegedly siphoning off cash to the tune of `24 lakh from the bank.
The loot came to light after farmers complained against them to their superiors. Following this, a departmental inquiry was ordered. It revealed that the trio sent a circular to those farmers, who had pledged the jewels with the bank to pay the debt and redeem their jewels at the earliest lest they get sold. Following this, the farmers redeemed their jewels.
However, the accused persons embezzled the amount instead of depositing it in the bank’s treasury. It was found that they had cheated the bank between April 2014 and February 2015. The findings of the departmental probe resulted in the suspension of Ramesh and Mahendran on February 15 this year.
Tirupattur Deputy Registrar of Cooperatives, Baskaran had filed a police complaint against Cashier and Manager (in-charge) of the PACB T S Mahendran (50) and Office Assistant M Ramesh stating that the duo along with the secretary of the bank Jayakandan had embezzled `24 lakh from the bank.
Acting on the complaint, Inspector of the Commercial Crime Investigation Wing (CCIW) P Manimaran registered a case under sections 408 (criminal breach of trust by clerk or servant), 409 (criminal breach of trust by public servant, or by banker, merchant or agent) and 477 A (falsification of accounts) of IPC read with 34 (acts done by several persons in furtherance of common intention) of IPC against them. They were subsequently arrested on Friday and produced before a Judicial Magistrate, who remanded them to the Vellore Central Prison.
“The duo entered the amount paid by their customers (farmers) in the ledger books and created documents. But pocketed the amount instead of depositing it in the bank,” said the Inspector and Investigation officer of the case, Manimaran.
Police are also probing the role of secretary Jayakandan in the entire fraud.
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