Ludhiana: Cash management firm employee flees with ₹5 lakh, arrested

The employee had picked up ₹25 lakh cash from a bank and was supposed to deposit it in the currency chest of the bank, but while counting the cash, he stole some money; the complainant was Animesh Kumar Vastav of Pakhowal Road, Ludhiana

An employee of a cash management company attached with the banks who escaped with ₹5 lakh has been arrested by the Division number 2 police on Friday. The police have recovered the cash from his possession. The accused had picked up ₹25 lakh cash from a bank and was supposed to deposit it in the currency chest of the bank, but while counting the cash, he stole some money.

The employee, along with his team, had picked up ₹25 lakh in cash from the Brown Road branch of Indian Overseas Bank which was supposed to be deposited in the currency chest of the bank on Pakhowal road, Ludhiana. (HT FILE)

The accused has been identified as Karamjit Singh of Raikot, who was cash manager with SIS Cash Service Private Limited.

The complainant, Animesh Kumar Vastav of Pakhowal Road, who is the branch head of the company, stated that their company provides security to banks for transferring cash from one branch to another. On Thursday, Karamjeet along with his team had picked up ₹25 lakh in cash from the Brown Road branch of Indian Overseas Bank which was supposed to be deposited in the currency chest of the bank on Pakhowal road.

He added that during counting the money, the accused stole ₹5 lakh and deposited ₹20 lakh in the chest. By the time the matter came to light, Karamjeet escaped with the cash. After they came to know about it, they lodged an FIR against the accused.

ASI Sona Singh, who is investigating the case, stated that a case under Sections 380 (theft) and 407 (criminal breach of trust by carrier etc) of the IPC has been registered against the accused. Following a tip-off, the police arrested him on Friday.