Pune News: Co-op Bank Manager Arrested For Rs 9 Crore Fraud In Baramati
Pune News: Co-op Bank Manager Arrested For Rs 9 Crore Fraud In Baramati
Amit Pradip Deshpande, the manager of a Pandharpur-based cooperative bank’s branch in Baramati, has been arrested for allegedly defrauding the bank of Rs 9 crore over a month. The fraud came to light on November 12, when the bank’s audit department head reported suspicious transactions worth Rs 2.30 crore to the chief executive officer.
According to the Pune Rural police, Deshpande misused his official position to transfer Rs 2.30 crore from the bank’s suspense receivable account to a bogus account in the name of a cooperative credit society. He allegedly used forged documents and created five bogus one-time debt recast (OTDR) accounts to transfer Rs 3.23 crore.
The police also accused Deshpande of replacing gold pledged against loans by 83 customers with imitation gold and using the genuine precious metal to secure loans in his and his parents’ names from six finance companies. The misappropriation in this transaction was worth Rs 3.18 crore.
Deshpande claimed that he invested the money generated from these transactions in an online shares trading app and kept losing money, but the police will verify his claims during further investigation.
Inspector Vilas Nale of Baramati police said that Deshpande has been arrested for offenses including cheating, breach of trust, and committing forgery. He will be produced before a court on Wednesday to secure his remand.
