49 Bank Employees Arrested for Unauthorised NRI FD Withdrawals Totaling ₹8 Crore

Authorities have arrested 49 bank employees in Chennai for unauthorised withdrawals from NRI fixed deposits amounting to ₹8 crore, as per news reports.  

They exploited forged signatures to liquidate the deposits, prompting a major inquiry by the Central Crime Branch (CCB). 

Fraudulent Withdrawals Targeted NRI Fixed Deposits 

A group of bank employees have been held accountable for unlawfully withdrawing money from NRI fixed deposits. The investigation revealed they used forged signatures to gain access to accounts and siphon funds without alerting the depositors.  

The total amount misappropriated was reported at ₹8 crore. The CCB identified 67 individuals in connection with the scheme, with 12 yet to be apprehended. 

These employees worked across various branches and colluded in orchestrating the fraud over a period of time that has now come under legal scrutiny. 

Modus Operandi Uncovered by Central Crime Branch 

The Central Crime Branch exposed that the accused capitalised on their access to sensitive financial instruments and customer documents.  

By forging NRI customers’ signatures, they processed withdrawal requests and liquidated fixed deposits. The misrepresentation evaded initial detection by manipulating the internal audit trails. 

Most victims were reportedly unaware of the transactions until much later, resulting in delayed reporting and extensive damage. 

Law Enforcement and Legal Action 

Police operations in Chennai have so far led to 49 arrests directly linked to the fraud. Legal proceedings have commenced for those apprehended, while efforts continue to trace the remaining 12 accused.  

Authorities are also working to assess the structural lapses within the banks involved and identify accountability at multiple levels. 

Read More: Standard Chartered Expands Fraud Probe Following ₹80 Crore HNI Fund Diversion in Bengaluru! 

Conclusion 

The arrest of 49 bank employees in Chennai for unauthorised NRI fixed deposit withdrawals amounting to ₹8 crore underscores systemic issues in fraud detection. With 12 individuals still absconding, investigations remain active as accountability is pursued across multiple banking levels. 

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