A few days after nearly Rs 13 crore was embezzled from its fixed deposit in a public bank, the Noida Authority took action and issued a show cause notice to its chief finance and accounts officer, Manoj Kumar Singh, on Wednesday, alleging irregularities in his conduct.
The chief finance and accounts officer is primarily responsible for overseeing financial transactions, and Singh has been given three days to respond to the notice. Depending on the Noida Authority’s assessment of his reply, he may face departmental action, including possible suspension.
In response to the fraud, the Noida Authority formed a three-member committee to conduct an internal investigation and identify any loopholes in the transaction process. The committee, led by Additional CEO Manvendre Singh, plans to submit a comprehensive report to the CEO within 10 days. The committee has already recorded statements from bank officials as part of the investigation.
Moving forward, the panel will record statements from Noida Authority officials, including the finance controller, chief finance and accounts officer, and accounts staff. The focus will be on identifying any internal involvement or collaboration with the fraudsters within the Authority.
The nearly Rs 13 crore fraud came to light in mid-June when Singh raised concerns about the fraudulent transactions. The perpetrators cheated the Authority by deceitfully opening fixed deposit accounts worth Rs 200 crore at the Bank of India Sector 62 branch. One individual, Abdul Khadir, who posed as a Noida Authority official, was arrested for transferring Rs 12.8 crore from the Noida Authority’s account to other accounts. The fraudulent transactions were traced to Gujarat, with Rs 9 crore being blocked by the bank.
Thus far, five people have been arrested in connection with the scam, while the mastermind remains at large. On Monday, the Bank of India returned an embezzled amount of Rs 3.8 crore to the Noida Authority. The crime branch, responsible for investigating the fraud, has already recorded statements from the concerned officials to uncover potential leads related to the case.
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