Union Bank Of India Lodges Complaint With CBI In Embezzlement Amounting To Rs 88 crore
Three officials have been suspended in connection with the fraudulent activities
Union Bank of India, headquartered in Mumbai, has formally lodged a complaint with the Central Bureau of Investigation (CBI) regarding an embezzlement case involving its MG Road branch. This action follows an FIR filed by the Karnataka Maharshi Valmiki ST Development Corporation Ltd, alleging embezzlement amounting to Rs 88 crore and implicating top officials of the bank.
In its statement, Union Bank of India disclosed that three officials have been suspended in connection with the fraudulent activities. The bank confirmed awareness of the fraudulent transactions within the Corporation’s accounts at the MG Road branch and stated that these transactions were promptly declared as fraudulent once the irregularities were identified.
To address the issue, Union Bank of India has sought a thorough investigation by the CBI to ensure swift identification and prosecution of those involved. The bank emphasized its commitment to maintaining high standards of integrity and transparency and assured full cooperation with the authorities to resolve the matter justly and expeditiously.
Union Bank of India, headquartered in Mumbai, has formally lodged a complaint with the Central Bureau of Investigation (CBI) regarding an embezzlement case involving its MG Road branch. This action follows an FIR filed by the Karnataka Maharshi Valmiki ST Development Corporation Ltd, alleging embezzlement amounting to Rs 88 crore and implicating top officials of the bank.
In its statement, Union Bank of India disclosed that three officials have been suspended in connection with the fraudulent activities.
The statement from Union Bank of India reads “The Bank is cognizant of the alleged fraudulent transactions in the accounts of the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation Limited (a Government of Karnataka Undertaking) which happened at our M.G. Road Branch, Bengaluru.
The Bank has promptly declared the transactions in question as fraudulent, when the irregularities came to light. To ensure a thorough investigation and swift identification of the culprits, we have filed a formal complaint with the Central Bureau of Investigation (CBI) vide complaint number ROBNGE/1649:2024 dated 30.05.2024. Additionally, three branch officials have been placed under suspension pending further inquiry.
Union Bank of India is committed to upholding the highest standards of integrity and transparency. We are fully cooperating with the authorities to resolve this matter justly and expeditiously. Our dedication to our customers and stakeholders remains our top priority, and we are taking all necessary steps to prevent such incidents”.
