CBI books 6 former IOB officials, others for misappropriation of funds

New Delhi [India], January 29 : 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 alleging misappropriation of depositor's money.
The CBI in a statement released on Friday alleged that the Secretary, Arogya Bhadratha was maintaining Savings Accounts with the Indian Overseas Bank (IOB), Mangalagiri Branch, Guntur district with four deposits of Rs 90 lakh each and another account with a deposit of Rs 68,84,111, totalling to Rs 428.84 lakh.
The statement further said that the bank officials along with other unknown persons entered into a conspiracy and closed the said four deposit accounts of the Secretary, without any request from the account holder.
According to the CBI's statement, the proceeds of the four deposit accounts amounting to Rs 387.71 lakh (approx) and also Rs 68.84 lakh (approx) in another account in the name of the Secretary were withdrawn in cash partially on various dates and transferred to unrelated accounts after routing through various bank offices and accounts.
The CBI added that the accused has allegedly misappropriated funds and caused loss to the Indian Overseas Bank to the tune of around Rs 456.55 lakh (including interest accrued).
Searches were conducted at the premises of the accused at various places located in Andhra Pradesh and Tamil Nadu, which led to the recovery of several incriminating documents, the CBI confirmed on Friday.