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Ex-bank manager booked on embezzlement charge

A former manager of a Ludhiana branch of UCO Bank has been booked on embezzlement charge. Accused Baldev Singh had allegedly opened a firm's new account and transferred Rs 1.6 crore to it.
Hindustan Times | By HT Live Correspondent, Ludhiana
UPDATED ON MAR 09, 2012 11:07 PM IST

The Division No 4 police have booked the former manager of a local branch of UCO Bank for embezzlement.

Accused Baldev Singh had allegedly opened a new account in the name of a firm, without the consent of its owner and had transferred Rs 1.6 crore from the original account.

A case was registered on the complaint of Davinder Singh, owner of a garment showroom at Ghumar Mandi.

Davinder said he had a current account at the old DMC branch of UCO Bank. He alleged that the then manager of the branch, Baldev, had made him sign some papers in good faith and had opened another account in the name of his firm in March 2009.

In his complaint, Davinder alleged that he later came to know that the manager had transferred Rs 1.6 crore from his account to the newly opened account. The manager had also allegedly made a fixed deposit of Rs 5 lakh from his bank account.

Davinder said he incurred a loss of Rs 3.2 lakh, as the bank had slammed a fine on him for having zero balance in the account.

"The case was registered after an inquiry. The accused has since been transferred to Phillaur. We are making efforts to arrest the accused," said Amandeep Singh Brar, SHO, Division No 4.

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