CHENNAI: Addicted to investing in the share market, an assistant manager of a bank has been arrested for swindling Rs 82 lakh from the account of a bank customer.
An assistant manager at State Bank of India’s Egmore branch, 35-year-old K Madhavan, a native of Manmangalam near Karur, swindled the money to compensate the losses he suffered in the share market.
According to police, Ramakrishnan had a reverse mortgage loan at SBI, Egmore branch. He had given his wife’s mobile number for the bank transactions. He received a message in the mobile in March 2020 that Rs 82 lakh had been transferred to some bank account from his loan account. He immediately informed the bank officials and lodged a complaint with the bank’s regional manager. Later, bank officials verified and found that the cash was swindled by Madhavan.
Based on the bank manager’s complaint, a police team led by central crime branch police inspector Pushparaj tracked the movements of Madhavan with the help of his credit, debit card access and the location of his mobile.Finally, the team nabbed him from a hideout near Karur. He was brought to Chennai and he was remanded in prison.
He was brought to Chennai and remanded in prison. Preliminary inquiries revealed that he had invested in the share trading business in 2013 and 2014. After he joined the banking service as an assistant manager, his interest to invest in stocks was revived to earn easy money. He targeted some of the idle bank accounts and swindled cash from Ramakrishnan’s account.