Face2News/New Delhi

The Central Bureau of Investigation (CBI) has registered a case on Wednesday on the basis of Source Information against the then Branch Head, Bank of Baroda and unknown public servants and private persons on allegations that the accused while posted as Branch Head, Maswasi Town Branch from 04.10.2021 to 15.10.2023 and as Branch Head Rahmatganj Branch from 16.10.2023 to 06.02.2024, both Branches of Bank of Baroda in Moradabad Region, had committed gross criminal misconduct by way of cheating and misappropriation of funds.

It was alleged that the accused while posted and functioning as Branch Head, flouted bank guidelines regarding dual custody of Branch Keys. It is also alleged that the accused had opened several accounts without any application/sanction/documentation and several of these accounts subsequently turning into NPAs. It is alleged that the accused enhanced the sanctioned limits of advance accounts in several accounts, where enhanced limit was utilized, and then brought it back to the previous limit. However, limit was enhanced in finacle system without any request from borrower, appraisal note, sanction letter, security document etc, which is a gross violation of bank’s extant guidelines.

It is also alleged that the accused performed unauthorized debits in the accounts, where the instruments used for debit of the account were in the custody of the account holder, and the funds were subsequently transferred to the account of the accused and his wife. It is also alleged that several unauthorized bank accounts were also opened by the accused without any proper documentation and funds were subsequently transferred to his account as well as his wife’s account.

It is alleged that a total of Rs. 305.59 lakhs was credited to the accused’s account, with Rs. 305.08 lakh subsequently transferred to different bank accounts and cash withdrawals, these transactions are irregular and are beyond the known source of income of the individual. Similarly, credit entries, from various sources, including advance accounts amounting to Rs. 491.62 lakh were observed in the account of wife of the accused during same period. Most of these funds were transferred to other accounts, cash withdrawals or transferred digitally.

Searches were conducted at premises of the accused at Meerut (UP) and Bharuch (Gujarat) which led to recovery of incriminating documents. Investigation is continuing.