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Wednesday, March 13, 2013

WBIDFC alleges Rs 120-cr fraud against UCO Bank manager

State Government-owned West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) has alleged Rs 120 crore fraud against a branch manager of UCO Bank.

Avirup Sarkar, Chairman of WBIDFC, told Business Line that a named FIR was lodged against the bank manager, who allegedly reported to the corporation that a large part of the Rs 120 three-year fixed deposits were missing from the account.

“We suspect a serious foul play on the part of the bank’s branch officials. WBIDFC has filed the FIR with police headquarters here this evening,” Sarkar said.

WBIDFC Chairman said that the corporation had transferred Rs 59 crore from Bank of India on August 30 last year and deposited it to Circus Avenue branch of UCO Bank. “On January 10 this year we further transferred Rs 61 crore from Indian Bank to the UCO Bank’s branch. The corporation obtained two separate fixed deposit certificates from the bank, signed by the branch manager,” Sarkar added.

“Today, the UCO Bank’s branch manager claimed that some Rs 83 crore was missing from the account and also suggested that the fixed deposit certificates bearing the signatures were not genuine,” WBIDFC official said.

WBIDFC, primarily an infrastructure financing of the State, has been raising funds from the market for on-lending to the State Government for development of various infrastructure activities of the State.

WBIDFC now also lends to State-owned public sector undertakings, joint sector companies, private sector outfits that have taken up infrastructure projects in West Bengal. The corporation has also launched a residential housing project at Rajarhat, New Town, on the north-eastern outskirts of Kolkata.

jayanta.mallick@thehindu.co.in


Source: thehindubusinessline

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