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GM among 2 suspended, Incharge Managers of all Branches, Counters attached

Demonetized currency exchange fraud in CCBL

Nishikant Khajuria

JAMMU, Feb 6: As the enquiry commission establishes major fraud in exchange of demonetized currency by Citizens Cooperative Bank Ltd Jammu, the Board of Administrators has ordered suspension of General Manager and Manager Central Office    besides attachment of all the Incharge Managers of CCBL Branches and Extension Counters.
General Manager Kuldeep Gupta and Manager Central Office, Chander Kala, presently posted in the Banking Operation Section  have been placed under suspension with immediate effect while Incharge Managers of all the 11 Branches and four Extension counter of the CCBL have been attached to the Central Office, official sources informed the Excelsior.
Orders of suspension and attachment were issued by the Managing Director Ashok Goswami,   late this night after a marathon meeting by the Board of Administrators, headed by Administrator Arun Manhas (ADC Jammu) for deliberations over the enquiry report, submitted recently.
Pertinent to mention that Incharge Cash Section, Mohan Lal Padha, who was prima facie found involved in the scam, was already placed under suspension immediately after a mismatch of Rs 18 lakh in demonetized currency and Legal Tenders came into light thus hinting at the irregularity in banking procedure adopted for exchange of notes.
Further, sources added, the Board of Administrator has given its nod for extending the scope of enquiry to go beyond the limited period of four days and submit its extended report by February 28, 2017.
The Enquiry Commission, headed by Rajeev Dogra, Chief Manager, has conducted a part enquiry in regard to the matter of demonetization transaction of CCBL branches and Extension counters for the period from November 10, 2016 to November 13, 2016.
According to the sources, the enquiry commission has ascertained deviation of more than Rs 1.29 crores in the bank branches and Extension Counters during a period of just four days from November 10 and it also pointed out alleged involvement of the General Manager and others in the fraud.
The mismatch in case was  ascertained on verification of vouchers, detail book scroll, cash scroll and application forms against which the demonetized currency notes  were exchanged in the bank while  serious lapses on the part of  General Manager and Manager Banking Operation   were observed on the basis of the replies of the staff to enquiry commission.
In some cases of deviation, there was excess demonetized currency and less legal tenders while in other cases, the demonetized notes were found less than the exchanged Legal Tenders, sources said.
Besides, sources added, the enquiry commission has also found that the voluminous records regarding exchange of demonetized currency, contain serious infirmities such as alteration in details, cutting in application forms and application forms without signature, etc.
The irregularity in established banking procedure for exchange of demonetized currency came into  light on January 3  when  the Manager  Banking Operation Section, Chander Kala submitted  a note  wherein the information of exchange of monetized currency against demonetized currency to the tune of Rs 26 lakh on November 10, 2016 and Rs 4 lakh on November 11, 2016, was reported to have been done without vouching by New Plot Branch, Ware House Branch, Vinayak Bazar Branch,  Moti Bazar  Branch, Talab Tillo Extension Counter and Transport Nagar Branch.
Taking cognizance of the note, Administrator immediately ordered an inquiry into the matter and also  suspension of the bank Head Cashier, who was prima facie found involved in the irregularity.

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