Two private bank staff held for pledging client's jewels for Rs 90 lakh in Saidapet, search on for branch manager
Sulaiman (32), a Saidapet resident, maintained an account at the Catholic Syrian Bank, and branch manager Swaminathan developed professional ties with him by providing personalised banking services
CHENNAI: An operations manager and a cashier of the Catholic Syrian Bank’s Saidapet branch were arrested by the city police for defrauding the bank and a customer by pledging the client’s 162 sovereign jewels to avail almost Rs 90 lakh gold loan under the names of inactive account holders. The search for the branch manager, who allegedly orchestrated the crime, is under way.
Sulaiman (32), a Saidapet resident, maintained an account at the Catholic Syrian Bank, and branch manager Swaminathan developed professional ties with him by providing personalised banking services. According to the police, the personalised services included Swaminathan sending a bank staffer to Sulaiman’s residence whenever he raised a withdrawal request. “The staff member will obtain signatures on required documents and hand over the money to Sulaiman,” the police said.
In July, Sulaiman contacted the branch manager to request pledging his gold jewellery as he required money. On Swaminathan's instruction, Prasad, the cashier at the branch, went to Sulaiman's residence and received 162 sovereigns of gold jewellery from the client.
However, Sulaiman never received the money for pledging his jewels. When he followed up with the branch manager, Swaminathan dodged the requests with various excuses. Two weeks later, Sulaiman visited the bank’s Saidapet branch to inquire, where he was shocked to learn that Swaminathan had been placed under suspension as he was being investigated for other alleged irregularities he had committed.
Sulaiman then approached the police to recover the 162 sovereigns he had pledged. Investigations by the police revealed that Swaminathan had used Sulaiman’s valuables to pledge them under the name of another customer for Rs 90 lakh with forged signatures.
The Saidapet police arrested the cashier, Prabhu of Puzhuthivakkam, and Diwakar (32) of KK Nagar for aiding the branch manager in the fraud.
The duo was produced before a magistrate and remanded in judicial custody. The police are now actively looking for Swaminathan and others involved in the crime.
