Rs 2 crore fraud at Koraput Union Bank

Koraput: Koraput Town Police on Saturday started investigation into a fraud to the tune of Rs 2 crore at Union Bank.

Former branch manager Amrita Priyadarshini Patra is accused to have committed the fraud by issuing the amount as loan to several members of her family during the financial year 2016-17.

The matter was recently detected in the internal audit conducted by the senior officials of the Union Bank, sources said.

Following the fraud, a case was lodged by Regional head of Union Bank, Sushant Mishra at Koraput Town police station.

“Basing on the complaint, we have registered a case against the former branch manager under Indian Penal Code sections 409, 420, 471, 472 and 34 and further investigation in connection with the fraud is on,” said Koraput SDPO, T. Jagarao Reddy.

Reddy further informed that from preliminary investigation it is suspected that loans were transferred into several bank accounts including of former branch manager on the basis of fixed deposits and other bank securities.