IndusInd bankers in Shamshabad held for unauthorised Rs 40 crore withdrawal

Hyderabad: The Economic Offences Wing (EOW) PS of Cyberabad busted two bankers and a businessman for taking Rs 40 crores out of a bank account without authorisation from the account holder through cheque or RTGS form.

The criminal breach of trust is said to have been committed by K Ramasamy and S Rajesh. The third accused is Shaik Basheed.

Case details

K Ramasamy was a bank manager at IndusInd Bank, the Shamshabad Branch; Sapai Rajesh was an employee at the bank; Shaik Basheed was into business and a resident of Jubilee Hills, Hyderabad.

Shaik Basheed is a film producer and had contested as an MP of the Rajampet constituency from the Congress party of Andhra Pradesh.

The zonal head of operations at IndusInd Bank filed a complaint with the police that bank employees K Ramasamy and S Rajesh, along with a customer K Uday Kumar Reddy, on July 12, made an unauthorised debit of Rs 40 crores from the account of Aditya Birla Housing Finance Limited at the bank’s Nariman Point Mumbai branch.

The transactions were allegedly executed by the bank employees in collusion with others who intentionally conspired to misappropriate funds, resulting in Rs 40 crore losses for the bank.

Modus operandi

Ramasamy and Rajesh have been accused of conspiring to misappropriate funds totalling Rs 40 crores from the bank. Ramasamy, serving as the branch manager, and Rajesh as the service delivery manager, facilitated unauthorised debit transactions from the account of Aditya Birla Housing Finance Limited.

These transactions were carried out without proper authorisation or instructions from the account holder, and the funds were subsequently transferred to various other accounts.

Following the unauthorised transfers, Shaik Basheed orchestrated the withdrawal and further distribution of the misappropriated funds. Among the disbursements, Shaik Basheed facilitated the purchase of two Toyota Fortuner cars, one of which was promised to K Ramasamy as a reward for his cooperation in the fraudulent scheme.

The accused, A1 and A2, were arrested on July 24 in Hyderabad, while A3 was arrested on July 29 in Delhi. All of them were sent to judicial remand. Shaik Basheed, was involved in more than 10 cheating cases in CCS Hyderabad, Jubilee Hills, Panjagutta, Banjara Hills, Bowenapally PSs of Hyderabad Commissionerate and Narsingh PS of Cyberabad Commissionerate, Mominpet PS of Vikarabad District.

A case has been registered under sections 61(2), 316(2) 316(5), 318(3) r/w 3(5) BNS of PS EOW, Cyberabad.

Public advisory

To protect yourself from banking fraud, always keep your account information confidential and never share it with anyone. Regularly monitor your account activity for any unauthorised transactions and report suspicious activity to your bank immediately.