In a significant development, six officials of the Union Bank of India have been booked for allegedly fraudulently diverting ₹94.73 crore from the Karnataka Maharshi Valmiki Scheduled Tribe Development Corporation Ltd to various other bank accounts. The police confirmed the registration of the case on Thursday.
The action was initiated following the tragic suicide of an official from the Corporation on Sunday, who left behind a note naming key individuals involved in the fraudulent activities. The named individuals include Managing Director J G Padmanabh, Accounts Officer Parashuram G Durugannavar, and Union Bank of India Chief Manager Suchismita Rawal.
A complaint was filed on May 28 by A Rajashekar, General Manager of the Corporation, who alleged “severe fraudulent activities” involving the top management of Union Bank of India’s MG Road branch and other third parties. According to Rajashekar, these activities have caused “substantial financial and reputational damage” to the organization.
Rajashekar detailed that on February 19, the Corporation transferred its account from the Vasanthnagar branch to the MG Road branch of Union Bank of India. A total of ₹187.33 crore was transferred from various banks and the State Huzur Treasury Khajane-II to the Corporation’s savings account at the MG Road branch. Due to the model code of conduct, the Corporation did not communicate with the bank, resulting in the bank failing to send the new passbook and chequebook to the registered address.
When Corporation officials visited the branch on May 21 to collect the documents, they were denied by the branch officer, who later claimed that the documents had already been issued—a claim found to be false. Subsequent investigations revealed numerous forged letters, cheques, and RTGS requests with fake signatures of Corporation officers and Account Officer, leading to unauthorized disbursements of funds from the organization’s bank account. It was discovered that ₹94.73 crore had been disbursed based on these forged documents.
The complaint accused the Union Bank of India’s management of failing to address these illegalities and continuing to act in an illegal manner despite being aware of the fraudulent acts carried out by the branch officials and other third parties. Following these revelations, Chandrashekar P, an Account Superintendent of the Corporation, died by suicide after naming the Managing Director, Accounts Officer, and Chief Manager in his note.
The complaint also demanded immediate action against A Manimekhalai, MD and CEO of Union Bank of India, along with Executive Directors Nitesh Ranjan, Ramasubramanium, Sanjay Rudra, Pankaj Dwivedi, and Chief Manager Suchishitha Raul.
Sources By Agencies
