Bank of Baroda official in Mumbai held for siphoning money from fixed deposits accounts

Nilet Kumar, who was working as a "single-window" operator at the bank's Colaba branch, allegedly transferred a total of Rs 29.5 lakh from 18 Fixed Deposit and recurring accounts to his friend's.

Published: 10th February 2019 12:42 AM  |   Last Updated: 10th February 2019 08:58 AM   |  A+A-

Bank of Baroda

For representational purposes (File | Reuters)


MUMBAI: A former Bank of Baroda (BoB) official has been arrested for allegedly embezzling money from deposit accounts of customers, the police said here Saturday.

Niket Kumar, the accused, was working as a "single-window" operator at the Colaba branch of BoB in south Mumbai. "He allegedly transferred a total of Rs 29.5 lakh from 18 Fixed Deposit (FD) and recurring accounts of customers to his friend's account between 2015-17," a police official said.

The embezzlement came to light when a customer recently approached the bank to claim his FD upon maturity and found that the amount was missing. The bank suspended Kumar following an internal inquiry and also lodged a police complaint. Kumar was arrested on Friday, the police official said. Upon questioning, he admitted to the scam, the official said.

Kumar was booked under IPC sections 409 (criminal breach of trust by a public servant) and 420 (cheating), and a local court remanded him in police custody till February 12.

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