Union Bank suspends 3 officials linked to fraudulent transactions in MVSTDC accounts

BENGALURU: The Union Bank of Inia has suspended three of its employees linked to the case of misappropriation in the accounts of Maharshi Valmiki Schedule Tribe Development Corporation Ltd (MVSTDC).

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The Union Bank of India issued a media statement in this regard on its official ‘X’ handle, stating that the bank is aware of the fraudulent transactions in the accounts. When the irregularities came to light, the bank has promptly declared the transactions in question as fraudulent, it said. “We  have filed a complaint with the Central Bureau of Investigation (CBI) on May 30 for investigation and identification of the culprits”, the statement said.

The bank also said three officials have been suspended pending further inquiry. “We are fully cooperating with the authorities to resolve this issue justly and expeditiously, and we are taking all necessary steps to prevent such incidents”, the bank statement said.

Chandrasekaran (45), a resident of Kenchappa Colony at Vinoba Nagar in Shivamogga, allegedly died by suicide on May 26 after leaving behind a suicide note. Chandrasekaran was a superintendent with the MVSTDC and was posted at its Bengaluru office. In a six-page suicide note recovered by police, Chandrasekaran mentioned the names of three officials and alleged corruption worth crores in the corporation, demanding action against the named officials.

A case has been registered in this regard at the Vinoba Nagar police station. On Wednesday, a team from the Crime Investigation Department (CID) inspected Chandrasekaran’s residence. The team found the deceased official’s bag, which included a pen drive and laptop, among other items.

Rajasekhar, the general manager of the Union Bank of India, alleged in the complaint that the bank staff had created fake documents and there had been a fake transaction of Rs 94 crore. No mail or texts were received regarding the money transfer. Based on the complaint, an FIR was registered against six staff members at the High Grounds police station.