Mumbai police have tracked two cases involving money transfer from ICICI Bank accounts where signatures were forged to use the Real Time Gross Settlement (RGTS) system.
According to police the accused carried out fraud with the help of two ICICI Bank employees, who transferred close Rs 58 lakh from two ICICI Bank accounts to an account with State Bank of India and another account with Corporation bank in Karnataka.
The police have arrested the two ICICI Bank’s employees of Lokhandwala Complex, Andheri branch for disclosing the details of the bank accounts to the accused. A spokesperson for ICICI Bank informed that bank has suspended Atanu Panchanan Bhushan, 27, and Chetan Manmohan Anand, 27, for their involvement in the crime and lodged a police complaint against them. Police has sent the two ex-ICICI Bank employees to judicial custody.
The accused have paid Rs 3 lakh to the two ICICI Bank employees for their ‘help’ for providing account details. In a press conference senior police inspector Kiran Sonone, of Oshiwara police station said that the police has been able to seize Rs 50,000 from the two ICICI bank employees. Along with Mr Bhushan and Mr Anand, the police has also arrested three other persons also and one more accused is absconding.
The police started investigation after ICICI Bank’s Lokhandwala Complex Branch Manager Zahir Shaikh file a complaint in June this year. Darshana Parekh, Umesh Parekh, and NP Parekh informed Mr Shaikh, that Rs 41.22 lakh has been withdrawn from their account without their knowledge. Since 2000 the three hold a joint account with the branch.
On investigation police found that an unidentified person filled up an RTGS form for transfer of money to a Corporation Bank account at Hubli, Karnataka, and signed on behalf of the three account holders. As the signatures matched with those on the bank records, the bank executed RTGS request.
On the investigate it also came out that the amount had been transferred to the Corporation Bank account held by Hubli resident Salim Shirhatti. He has also been arrested after his confession of his involvement in the fraud. The police told Mr Shirhatti’s another accomplice Rashid, was given 20% of the amount transferred to the account is absconding.
After the confession given by the arrested persons, the police carried out investigation at the ICICI’s Lokhandwala Branch and found out that bank employees Mr Bhushan and Mr Anand had disclosed the confidential details of account to the accused.
A similar technique was used by the accused with help of the two suspended ICICI Bank employees to transfer Rs 16.80 lakh from an ICICI Bank account held by Nikhil Shah and Sonal Shah to a State Bank of India account at Dharwad in Karnataka.
Monday, September 22, 2008
Wednesday, September 10, 2008
ICICI Bank dedicate 10 crore for education of underprivileged children
The ICICI Bank country’s largest private lender on World Literacy Day has joined hands with NGOs to help children in ten states to get better access to education.
For this purpose the bank has decided to dedicate Rs 10-12 crore for education loans.
"As part of our Read to lead initiative, we are partnering with seven NGOs to reach out to children in ten states," ICICI Bank Executive Director V Vaidyanathan said here yesterday.
He added, HH"In Phase I, we have identified a little over 40,000 children to be benefited by this program and we expect to reach out to one lakh children by December 2008."
"Education is one sphere in India where public-private partnership can really work wonders. Imagine a scenario where each of the leading 100 companies in India accepts the onus of educating one lakh underprivileged children," he said.
Vaidyanathan told media under this plan about 0 million children out of the 35 million will get educated who have not even seen a classroom.
"We are focusing on the girl child and 50 percent of enrollments would be of girls," he said.
He added a portion of the funds will be used for encouraging more enrollments. The public-private partnership model can work in a strong way only by close monitoring.
For this purpose the bank has decided to dedicate Rs 10-12 crore for education loans.
"As part of our Read to lead initiative, we are partnering with seven NGOs to reach out to children in ten states," ICICI Bank Executive Director V Vaidyanathan said here yesterday.
He added, HH"In Phase I, we have identified a little over 40,000 children to be benefited by this program and we expect to reach out to one lakh children by December 2008."
"Education is one sphere in India where public-private partnership can really work wonders. Imagine a scenario where each of the leading 100 companies in India accepts the onus of educating one lakh underprivileged children," he said.
Vaidyanathan told media under this plan about 0 million children out of the 35 million will get educated who have not even seen a classroom.
"We are focusing on the girl child and 50 percent of enrollments would be of girls," he said.
He added a portion of the funds will be used for encouraging more enrollments. The public-private partnership model can work in a strong way only by close monitoring.
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