Police arrest former bank manager, assistant for Rs 34 crore fraud

A former South Indian Bank manager and his assistant have been arrested for their alleged involvement in a Rs 34 crore fraud case two years ago.

Uttarakhand Police and sleuths of Special Task Force, led by Senior Superintendent of Police DC Dhondiyal, arrested former SIB Manager Manoj Kumar Aar from Tamil Nadu's Nagircoil on Monday, while the then Bank Assistant Jacob Kovur was arrested from Coimbatore on May 31, police said.

The District Court issued non-bailable warrants against the duo and they are being brought to Dehradun on a transit remand.

The duo is accused of issuing fake pay orders, fraudulent transfer of huge amounts to other banks, issuing fake cheques to syphon off money to the tune of Rs 34 crore. When the fraud came to the light in 2012, a complaint was registered in Dehradun Kotwali police station by the bank against them.

The case was transfered to the STF after its investigation was allegedly delayed by inspector Nirvikar Singh, who was in-charge of the case. A departmental inquiry has been ordered against him for the alleged delay.