Hyderabad based A.P.Mahajan Cooperative Urban Bank senior manager P.S.Murali has been arrested by police for fraudulently transferring the bank’s Rs 58.49 lakh to his and his relatives’ accounts. The good news is that the entire amount has been recovered from the accused.
While talking to this correspondent on the phone the bank CEO K.S.Murthy said, “Now, the accused is in police custody and the amount has been recovered from the accused. The issue came to light when the bank management noticed discrepancies and began an internal investigation into the matter”, he added.
“The bank has found 35 fraudulent transactions which took place from January 2016 to September 2018”, he said giving further details.
A.P.Mahajan Cooperative Urban Bank is a unit bank with a business mix of Rs 25 crore, informed the bank CEO.