Cash management firm staff under probe for misappropriating Rs 50 lakh
The company is headquartered in Teynampet and provides cash management and security services for banks.
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CHENNAI: The police have launched a search for the staff member of a cash management service firm who allegedly misappropriated about Rs 50 lakh over several years while depositing money at ATMs.
The company is headquartered in Teynampet and provides cash management and security services for banks. The suspect, Shankar, was associated with the company for 12 years and was part of the team which deposits cash in ATMs across the city.
Recently, during an internal audit, the company found discrepancies in their ATM transactions, and post the internal investigations, the management found that the staff member, Shankar, had systematically siphoned off money while depositing money in the machines and diverted the amounts to his personal accounts.
Preliminary estimates have revealed that the suspect has misappropriated about Rs 50 lakh, and he was summoned for an internal enquiry last month. During the hearing, Shankar admitted to the fraud and told them that he would return the stolen amount.
Meanwhile, he did not report to work and went absconding. Following Shankar's fleeing, a manager with the cash management firm filed a complaint with the Pondy Bazaar police station.
After enquiries, the Pondy Bazaar police registered a case and have launched a search for the absconding suspect.
