Nabarangpur: Police arrested the branch manager of IDBI bank in the town in connection with a financial fraud to the tune of Rs 1 crore.
SDPO Krishna Chandra Bhatra informed this at a press conference at Nabarangpur police station. Police registered a case against him under section 408 and 420 of IPC and forwarded him to court.
According to police, the bank staff found a shortfall of Rs 1 crore in the vault at the Nabarangpur IDBI Bank. They informed the DGM and Regional Head of the bank in Berhampur. Based on the complaint, the Nabarangpur police registered a case in this regard.
After preliminary investigation, the branch manager Anjan Kumar Satpathy was detained and questioned. During further investigation, police found the misappropriation of money by the manager, the SDPO said.
He said that Satpathy borrowed money from more than eight known people at 5% rate of interest. He didn’t recover the money, but credited Rs 63 lakh to their accounts without depositing a single penny in the bank. It resulted in a shortage of Rs 63 lakh in the vault of the bank.
Later, he withdrew Rs 37 lakh from the vault physically on the pretext of depositing the same in SBI currency chest, but he didn’t do that, the SDPO informed.
