Two deputy bank managers among 8 held for Rs 1.66 cr fraud: Noida Police

 Eight people, including two deputy managers of a bank in Bulandshahr, have been arrested by the Noida Police for their alleged involvement in swindling Rs 1.66 crore from the Pashchimanchal Vidyut Vitran Nigam Limited (PVVNL), officials said on Wednesday.

Among the accused are several former PVVNL employees including a person currently working with the power distribution company, the officials said. A senior officer said the gang would steal payment demand drafts of the power discom and get them encashed. The money would then be deposited in a bank account they had opened in Bulandshahr.

"A complaint was received at Sector 49 police station from PVVNL officials. The investigation in the case led us to the gang and arresting of its eight members. One member is absconding," Deputy Commissioner of Police, Noida I, Sankalp Sharma said. "They had swindled Rs 1.66 crore but Rs 78 lakh of it has been recovered. The recovered amount includes cash, properties and bank accounts."

"Two of the accused are currently working in the bank, while one is a contractual employee in PVVNL. Some of the remaining accused have earlier worked in the PVVNL as contractual employees," Sharma added. He said the two bank workers were complicit in opening a bank account based on forged identity documents. The money swindled through demand drafts was deposited into that account.

Those held have been identified as Sachin Kumar, Vishal Sharma, Manish Kumar, Ankur Bhaskar, Karan Singh, Jay Subhash, Yatendra Chaudhary and Brajesh Kumar. Their absconding partner has been identified as Anand Kumar, the police said. The police have recovered Rs 12 lakh in cash from the gang members, demand drafts worth Rs 10.22 lakh, while seizing their bank accounts containing Rs 15 lakh and attaching properties worth 45 lakh.

Sharma said initial investigation has shown a fraud of Rs 1.66 crore by the gang but they will be questioned further to find out their involvement in other frauds, if any. A case of fraud and forgery among other charges has been registered against the gang at Sector 49 police station in Noida.