Bank employees booked for forgery, fraud in Gurgaon

Gurgaon, April 29 (IANS) Unidentified employees of Kotak Mahindra Bank here have been booked for forgery and cheating the bank of over Rs.3 crore, police said Monday.

Employees of Kotak Mahindra’s Gurgaon and Delhi branches have been booked for cheating and forgery at Civil Lines police station here.

“On the complaint of Municipal Corporation of Gurgaon (MCG), we have lodged a case against Kotak Mahendra Bank for cheating, forging documents and using them as genuine documents,” Deputy Commissioner of Police (West) Surender Pal Singh told IANS.

The fraud began in 2008 when Subey Singh Bohra was the head of Wazirabad village panchayat, now under the MCG.

The village panchayat passed a resolution to deposit Rs.3.25 crore in a fixed deposit April 22, 2008, with Kotak Mahindra’s JMD Regent Square branch on the Mehrauli-Gurgaon (MG) Road.

Later, by using forged documents and signatures of the village head and other officers, officials of Kotak Mahindra changed the fixed deposit into life insurance.

“I was given a life cover of nearly Rs.3.25 crore and my father, who died 25 years ago, was made the beneficiary by using forged papers,” Bohra told IANS.

After formation of the MCG June 2, 2008, Wazirabad’s gram panchayat was dissolved and the area was merged with the MCG.

Bank officials again used forged documents with the help of MCG employees and the policy was transferred to the MCG commissioner. The commissioner was under life cover of Rs.3.25 crore till Sep 27, 2012, when the case come to light.

The beneficiary of the “three-year fixed deposit”, which was never done, was to get Rs.3.85 crore.

However, the bank returned Rs.3 crore to the MCG Sep 27, 2012, but did not pay Rs.85 lakh, saying that the fixed deposit was never done.

“We have registered a case and an investigation is now on,” Surender Pal Singh said.

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1 Comment

  1. Kotak Mahindra Group has contested the IANS wire service story for ‘factual inaccuracies’.

    Certainly the story does not carry the viewpoint of Kotak Mahindra Group, nor reveals some details which a spokesman of Kotak Mahindra Group points out in response to this story here:-

    “Kotak Life Insurance lodged a police complaint with Subhash Place Police Station, Pitampura, New Delhi on August 22, 2012, when it sensed the possibility of fraud by Mr. Sube Singh, Sarpanch, Wazirabad Village Panchayat in connivance with an external life advisor and some front end employees who acted in unlawful manner, and no longer with the company, and, not by Kotak Life Insurance or by Kotak Mahindra Bank.

    As a goodwill gesture Kotak Life Insurance immediately refunded the entire premium received of Rs. 3 crores to Gurgaon Municipal Corporation”, Spokesperson, Kotak Mahindra Group.

    Any factual error in the story is unintentional on the part of Hill Post

    Ravinder Makhaik
    Editor – Hill Post

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