Mumbai : Saki Naka police have arrested the then manager of Indian Overseas Bank, Saki Naka branch after his role was ascertained in the bank fraud amounting to over Rs 5 crore.
Police said, the manager, Tribhuvansingh Raghunath Yadav, had worked hand-in-glove with the history-sheeted criminal Waheed Patel. The complaint was given by a mathadi welfare board, who claimed that around 3,000 mathadi workers in Mumbai have lost their life savings to a bank fraud, workers’ provident fund and medical contingency fund.
According to police, in March 2018, the mathadi welfare board had invested in Rs 5.01 crore in six fixed-deposit accounts with the Indian Overseas Bank’s Saki Naka branch.
Less than a month later, fraudsters had fraudulently used a fake letterhead of the welfare board to open an account in Vijaya Bank in the the Cloth Market & Shops Board’s name and approached the Indian Overseas Bank to close the accounts.
After completing the bank formalities, the fraudsters took the demand draft for Rs 5.01 crore and then encashed it in Vijaya Bank, from which money was withdrawn gradually.
The 3,000 workers whose savings have been wiped out operated under the banner of the Cloth Market & Shops Board, had kept the money in fixed deposits in the Indian Overseas Bank’s Saki Naka branch at an offer of 6.75 per cent interest rate for 23 months, which was to end in February 2020.
The fraud came to light in October this year, when the mathadi welfare board enquired with the bank about the status of their fixed-deposit accounts.
Accordingly, a case was registered against unknown persons and investigation had started.
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