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Mangaluru: Fraud of Rs 4.14 crore by company handling SBI ATM remittances

  •   Thu, Jun 11 2015 11:09:55 AM

Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Jun 11: A case stands registered in Pandeshwar police station in the city on behalf of a private company relating to an alleged fraud amounting to Rs 4.14 crore. The complaint alleges that the personnel of a company hired to load cash into different ATMs of SBI had swindled a sum of Rs 4,13,57,500.

The complaint has named Pradeep Kumar of that company and 18 others as the accused. The company, it is learnt, used to load cash in 48 ATMs of SBI in the region. SBI had ordered the task to be handed over to another company, AGS, on March 24. At the time of handing over, physical verification of 29 ATMs did not show any discrepancy. As the employees of the company did not cooperate with the AGS in connection with checking of the remaining ATMs, the company staff came to the city and audited the remaining 19 ATMs and found that there was a shortage of Rs 4.14 crore.

A complaint filed on behalf of the said company says that during the questioning of its employees, it has prima facie been found that Pradeep Kumar and 18 others were involved with this fraud.
  

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Comment on this article

  • Wellwisher, Manglaore

    Thu, Jun 11 2015

    Later they will link with some communal politicians and starting fake currency.
    Later, innocent public have to suffer.

    DisAgree [6] Agree [26] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Thu, Jun 11 2015

    In this era of instant alerts & super MIS reports, immediate uploads, security cameras, GPS tracking etc..How come SBI did not notice differential of 4.13 Crores from March 24th? Really ridiculous!

    DisAgree [5] Agree [37] Reply Report Abuse

  • Dhurva, Athradi

    Thu, Jun 11 2015

    It's not a case of 'fraud'..
    May be due to oversight amount not appeared in ATM Machine..
    Need a detailed investigation in this matter.
    How did SBI Kept quiet for so long.
    May be some one from Bank also involved if it's true.

    DisAgree [12] Agree [45] Reply Report Abuse

  • Raju, Mumbai

    Thu, Jun 11 2015

    SBI, please hand over the investigation to Mr. Dhurva

    DisAgree [8] Agree [55] Reply Report Abuse

  • Mangalurinava,

    Thu, Jun 11 2015

    Just to clarify it is fraud by the cash loaders.

    I narrate the story that i heard from a previous similar fraud case also registered at a local police station some 2 to 3 years back for the readers, but then it was some 40lakhs odd.

    Now it is whopping 4.13 crore OMG

    As per RBI directives nowadays ATM are not supposed to keep lots of cash, but that directive was non existent before 2 years i presume.

    So then what was happening is cash loaders(custodians) get the cash from the bank to load in the ATM, they do load the cash and generate a receipt from the machine, this receipt they show to the bank.

    Afterwards they remove cash, ironically the atm machine doesnt seem to cross check its stored currency and they use it for their personal turnovers.

    Whenever the auditor comes for audit which is usually a single person for 10 to 15 atms, what these custodians do is they remove cash from one atm and put into the particular atm the auditor is supposed to visit just before his arrival. So this shuffling goes on till all atms are audited and while the auditor is clueless as his accounts are matching.

    So that is the story, banks are not checking their cash loaders, they solely depend on printed receipts and auditors, they should do surprise audits of all their atms at the same time atleast once in a month, then surely these problems wouldn't occur.

    One more irony is that normally the banks are insured against such losses but the company which hired these custodians will be under huge loss as the insurance company and the bank will try to recover the money from the cash loading company if the arrested custodians fail to give back the money they defrauded.

    Ibbara nyaya mooraneyavaniga aadaya

    DisAgree [1] Agree [4] Reply Report Abuse


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