Rs 50 crore misuse case : Bank manager goes missing

Mangalore Today News Network

Mangaluru, Nov 01, 2017:  As investigations into the case of alleged unauthorised  transfer of Rs 50 crores from the Karnataka Rural Infrastructure Development Bank (KRDL) to the  Indian Overseas  Bank has intensified , the manager of the  IOB Sarin Madhusudan has reportedly disappeared, substantiating the doubts that there has been widespread irregularities.

 

Police have registered cases against  the Regional Chief Manager and Branch Manager and are gathering more details from the complainant  Veera Gowda Patil who is   Officer (Finances) of KRDL. A team of six officials has been constituted  and search has been launched for the missing manager.

A sum of Rs 20 crores and Rs 35 crores had been deposited in Kulai Branch of Indian Overseas Bank on October 24 and 30 respectively. It is also alleged that a fake account of KRDL was opened in the  same bank  which was used to transfer funds to other accounts.

The suspicion arose when a sum of Rs 50 lakh as deposited in the account of Shah Exports at Vijaya Bank, Koramangala Branch, Bengaluru.