Hyderabad: Bank Employee Booked for Funds Diversion

Hyderabad: Panjagutta police of Hyderabad city registered a case against M Mallikarjun, an employee of a private bank, for allegedly syphoning Rs 55 lakh cash belonging to customers. Mallikarjun, working as a retention manager, was responsible for opening and closure of loan accounts of the customers.

However, he collected the amount from customers for clearing loans, but the same was not updated in the bank records. The alleged fraud, which he had been pulling off for the past few months, came to light after a customer found that his dues were not cleared as per the account statement and reported it to the bank.

After this complaint, a few more customers also reported discrepancies in their loan payment dues. Following a series of complaints, the bank took up an internal inquiry and found that Mallikarjun had diverted up to Rs 55 lakh funds from the loan payments and lodged a complaint. Police registered a cheating case against Mallikarjun and launched a hunt to nab him.