They allegedly misappropriated funds from savings accounts
The Central Bureau of Investigation has booked six officials of the Indian Overseas Bank and others for allegedly misappropriating funds from savings accounts. The agency conducted searches on the premises of the accused on Friday.
Among those named as accused in the case are the then regional resource manager, Heli Veepuri, assistant managers V. Suresh, D. Narasimha Murali and K. Sireesha, besides clerks M. Adinarayana and M. Praveen Syam.
The secretary of the Arogya Bhadratha was maintaining savings accounts with the Mangalagiri branch of the Indian Overseas Bank in Guntur. They had four deposits of ₹90 lakh each and another account had over ₹68,84 lakh. It is alleged that the bank officials, as part of the conspiracy, closed four deposit accounts without any request from the account holders.
The proceeds in the four accounts and another one in the name of the Arogya Bhadratha secretary were withdrawn in cash partially on various dates and transferred to unrelated accounts after routing the funds through various bank’s office accounts and third party accounts.
“Thus, the accused have misappropriated funds and caused loss to the Indian Overseas Bank to the tune of around ₹456.55 lakh … searches have been conducted on their premises in Andhra Pradesh and Tamil Nadu,” said an official.
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