In an intriguing case that has many twists and turns, an Income Tax search in Mangaluru recently, which led to the seizure of ₹5 crore belonging to IDBI Bank, has ended with the bank seeking a CBI investigation into the episode.
The case unfolded in mid-December 2023, when Income Tax sleuths swooped down on a business establishment near Kankanady where a currency-laden vehicle carrying ₹5 crore had come to deliver money from IDBI Bank. The I-T investigation revealed that the businessman at whose premises the vehicle had arrived was not connected with the transaction, and the money was meant to reach another person, who is a regular customer of the bank.
Questioning of the customer revealed that though he had sought a loan against gold that was in the locker of the Kankanady branch of IDBI Bank, he had not completed the application process. Also, there was no explanation for the currency laden vehicle arriving where it did even while the transaction itself was incomplete.
According to I-T officials, bank officials also could not establish through documents the purpose for which the cash had been withdrawn.
The customer went to the police station, accusing two bank officials of not returning the gold that he had pledged. The customer, who has a long standing relationship with the bank, complained to the police that the Manager and Assistant Manager had cheated him.
In his complaint to the Mangaluru South police in the third week of December, he accused the bank of not releasing 1.9 kg of gold that he had pledged. He also accused the bank of debiting ₹61 lakh from his overdraft (OD) account without his consent.
Mangaluru police told The Hindu that the customer was asked to pledge gold when he sought a ₹6 crore loan. While the customer brought 1.9 kg of gold, a bank employee removed ₹5 crore from the bank’s vault and transported the cash, which was intercepted by I-T officials.
The police say that the bank has accused its employee of conniving with the customer.
The two bank employees are on the run following rejection of their anticipatory bail application by the sessions court in Mangaluru.
The cheating case of the bank customer has been transferred from Mangaluru South police station to the Cybercrime, Economic Offences and Narcotics police station, since the amount involved is over ₹25 lakh.
IDBI Bank has written to the CBI, requesting the agency to investigate the case that involves misappropriation of around ₹6 crore.
Despite multiple attempts by The Hindu to elicit a response, IDBI Bank refused to comment on this case.
