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Police to enquire fraud on Pudukottai SBI main branch

By Our Staff Reporter

PUDUKOTTAI JAN. 6. The police have initiated a probe into a fraud committed on the main branch of the State Bank of India here, to the tune of Rs.1.09 crores, by a gang suspected to be operating from various centres within the State and outside.

Ayoob Khan and Yasin are said to be the masterminds behind the racket, in operation for the past three months. Ayoob Khan, who had opened an account with the bank recently claiming that he intended to start an engineering college here, had drawn the sum by issuing a series of outstation cheques, mostly those of banks in Mumbai.

The racketeers were suspected to have been operating with the collusion of some bank employees and courier agents. They allegedly intercepted bank letters (seeking confirmation reports from the concerned banks for clearing the cheques) sent through a courier agency and returned them affixing bogus seals.

The racket came to light after the bank officials detected some discrepancies in the accounts. An enquiry revealed that the address given by Ayoob was fictitious.

Though the bank officials are yet to prefer a formal complaint with the police, sources said a probe has been initiated after a team of bank officials held discussions with the Superintendent of Police, Vidya D. Kulkarani. The SP has directed them to file a complaint with the Crime Branch with details.

The officials are expected to prefer a complaint on Tuesday. Police sources said the gang is suspected to have defrauded other banks in some other districts and a few southern States. The sources said preliminary enquiries did not point to any link between the racketeers and terrorists network. However, the probe would cover all angles. Though the bank officials remained tight-lipped, sources said disciplinary action has been initiated against a couple of employees.

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