The Central Bureau of Investigation (CBI) has registered a case against six former officials of the Indian Overseas Bank, Vijayawada and Guntur, and unknown persons and public servants for allegedly misappropriating ₹4.56 crore from an account at the bank, officials told news agency ANI on Friday.
The probe agency also carried out searches at various places located in Andhra Pradesh and Tamil Nadu in connection with the case.
In a statement released on Friday, the CBI alleged that the Secretary, Arogya Bhadratha was maintaining Savings Accounts with the Indian Overseas Bank (IOB), Mangalagiri Branch, Guntur district with four deposits of ₹90 lakh each and another account with a deposit of ₹68,84,111, totalling to ₹428.84 lakh.
“It was alleged that the secretary, Arogya Bhadratha was maintaining savings accounts with Indian Overseas Bank, Mangalagiri Branch in Guntur district and having four deposits of ₹90 lakh each and another account with deposit of ₹68.84 lakh, totaling ₹4.28 crore,” CBI spokesperson R C Joshi said.
The accused officials closed these four accounts without any request from the account holder.
“It was further alleged that the proceeds of the four deposit accounts amounting to ₹3.87 crore and also ₹68.84 lakh (approx) in another account in the name of the secretary, Arogya Bhadratha were withdrawn in cash partially on various dates and transferred to unrelated accounts after routing through various banks office accounts and third party accounts,” he said.
The CBI said that the accused has allegedly misappropriated funds and caused loss to the Indian Overseas Bank to the tune of around ₹456.55 lakh (including interest accrued).