The money used in the fixed deposits was to be used for the welfare of 3,161 labourers in the city
This picture has been used for representational purposes
A former manager of a bank and a private agent were arrested on Monday for illegally withdrawing Rs 5 crore from a fixed deposit account belonging to a labour union named Mathadi Kamgar Association. The accused, identified as Tribhuvan Yadav was earlier working as a manager with a branch of Indian Overseas Bank in Saki Naka and the agent as Mubarak Wahid Patel, the Indian Express reported.
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Yadav and Patel had forged the signature of the President of the Cloth Market and Shops Board, under which the labour union works. They then transferred the money into a fake account in a bank’s branch in Bhandup, that was created in the name of the board. During investigations, the police also learned that they forged the receipts of the Board’s fixed deposits, stamps and letterheads.
The money used in the fixed deposits was to be used for the welfare of 3,161 labourers in the city. The board had opened the fixed deposits for the period of 23 months in March 2018. The crime came to light in October when the board inquired with the bank about the status of the account, to which they were told that it was closed a few months ago.
The police said that Patel is already in jail as he was arrested by Thane police for swindling a bank for Rs 30 crores. Yadav has known Patel as the latter provided clients for the bank to open fixed deposits. They worked together in opening a fake bank account under the board’s name and withdrew money held by complainants in their fixed deposits, an officer said.
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