Bank Manager Arrested For Rs8 Crore Fraud 

Representational image - Sakshi Post

Hyderabad: The Central Bureau Investigation (CBI) on Tuesday arrested a man for the fraudulent withdrawal and transfer of funds from United Bank of India, Khammam branch where he is working as a branch manager.

Arvind Shukla, an official liquidator transferred funds to the tune of Rs8 crore which was deposited in the bank and was fraudulently withdrawn pre-maturely by a few private persons in connivance with bank officials. A case was registered against him on December 17, 2015 for the fraud.

After the investigation Shukla was found involved in the fraud and was arrested. The CBI sleuths on Tuesday raided his house and searches are underway at his office.

The Official Liquidator is appointed by the Central Government under section 448 of the Companies Act, 1956 attached to High Court of the State for the purpose of conducting liquidation proceedings of those companies which are ordered to be wound up by the High Court.

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