CBI conducts searches at bank in Visakhapatnam
Hyderabad: The CBI today conducted searches
at a nationalised bank and simultaneously raided some places
in Visakhapatnam city in connection with a case of fraudulent
transfer of Rs 353 crore into a current account.
CBI officials picked up three bank officials, who were
being questioned for their role in transferring the amount,
even as the prime accused managed to flee, officials said.
The prime accused Pothina Nageswara Rao in collusion with
J Soren, the then manager of the UCO Bank branch at Dwarka
Nagar in Visakhapatnam and two other bank employees opened a
current account in which Rs 353 crore were transferred on
March 23 this year, they said.
However, the bank funds were immediately reverted after
the fraudulent transaction came into light.
The current account in the name of M/s Pothina Tech
Constructions was opened at the UCO Bank on March 15 after
Nageswara developed friendship with Soren and sought his
cooperation in transferring a huge fund from the bank accounts
into the current account, they said.
Though, Soren initially refused to do it, he reportedly
under threat from Nageswara transferred a sum of Rs 353.61
crore from the bank`s suspense account into the current
account of M/s Pothina Tech Constructions through a cheque of
another bank, a CBI official said.
"Nageswara wanted a bank statement that could reflect a
huge bank balance in the name of his firm at least for three
days. It is not clear whether he wanted to commit any fraud
with this fund," the official said, adding that Soren abused
the password of the chief manager also (without his knowledge)
while debiting the amount.
Meanwhile, a senior official of UCO bank at the Zonal
Headquarters in Hyderabad detected this transaction and after
inquiring into the matter placed Soren and the chief manager
After conducting an internal inquiry, the bank approached
the CBI last week.
The CBI has registered a case under IPC Section 120B
(criminal conspiracy), Section 420 (cheating) Section 467
(forgery of valuable security) Section 468 (forgery for
purpose of cheating) Section 471 (using as genuine a forged
document or electronic record) Section 477A (falsification of
accounts) and Section 511 (punishment for attempting to commit
More from India
More from World
More from Sports
More from Entertaiment
- DNA: Harmful chemicals found in Maggi, Nestle India still in denial mode
- CM Kejriwal shortlists 39 'unwanted' IAS officers in Delhi
- Rajasthan: Gujjars revive reservation agitation, block rail track
- DNA: Modi-led NDA govt's hits and misses in one year
- J Jayalalithaa sworn-in as Chief Minister of Tamil Nadu
- ISIS to buy first nuclear weapon from Pak?
- Dr Subhash Chandra Show: Aspiring for more than what you have!
- Mumbai: CCTV captures assailant with gun at Film City
- Mathura SSP receives death threat letter, message for PM Modi
- BJP now central pole of Indian politics: Arun Jaitley
- Maharashtra FDA sends Maggi noodles for lab testing
- See what can Maggi do to your health!
- Watch: Fast N Facts @ 7:30pm
- Delhi: Two killed in road accident in New Ashok Nagar
- Haridwar: Hotel Radisson Blu sealed for polluting Ganga
- PM Narendra Modi graces Digvijay Singh's son wedding reception
- Goa Board SSC Exam Results 2015 announced
- Rahul Gandhi to pressurise govt to act on one-rank-one-pension issue
- ISIS close to buying nuclear weapon from Pakistan?
- Manohar Parrikar visits forward areas along LoC, reviews security situation
- There will be no delay in appointing CIC, CVC: Jitendra Singh
- Credibility of Prime Minister's Office restored by BJP, says Arun Jaitley
- ISIS justifies raping slave girls, says Michelle Obama is 'worth $40'
- Arvind Kejriwal to highlight AAP govt's 100 days work on Monday
- 'Unhappy' Celina Jaitley asks Sunny Leone to move out?
- BJP's plan for one-year celebration: 200 big rallies, 5,000 public meetings
- Video of cops dancing with woman goes viral, inquiry ordered
- Heatwave leaves 153 dead in Telangana, Andhra Pradesh
- IPL 2015 Final: Mumbai Indians vs Chennai Super Kings - Preview
- CBSE Results 2015: 10th board exam results to be declared on May 27