An employee of South Indian Bank’s Noida branch has been booked for allegedly siphoning off more than Rs 28 crore and transferring it to the accounts of his relatives and other associates.

According to the police as reported by media, the wife and the mother of the assistant manager of the private sector bank have also been booked by the Noida police.

The FIR in the matter was lodged at the Sector 24 Police Station at the complaint of a representative from the bank, who alleged a fraud of Rs 28.07 crore by Rahul Sharma, assistant manager at the bank’s Sector 22 branch, news agency PTI reported.

“Some officers of the South Indian bank had approached me with a complaint that an employee of the bank at the rank of assistant manager has siphoned off over Rs 25 crore from the bank and illegally transferred those funds into accounts of his relatives,” Deputy Commissioner of Police (Noida) Harish Chander said.

A preliminary inquiry was done into the case after which an FIR has been registered against the assistant bank manager and his family members. The funds were transferred into the accounts of family members and other accounts also,” he said.

Renjtih R Nair, the deputy general manager and regional head of the South Indian Bank, in his complaint alleged that bank’s preliminary investigation revealed that Sharma, with a dishonest intention and abusing his official powers, had made several unauthorised and fraudulent transactions either for the benefit of himself or certain people or entities.

Nair in his complaint said they were yet to ascertain the identity of the alleged beneficiaries of the siphoned off amount, which they pegged at Rs 28.07, PTI reported.

The FIR has been lodged under counts of fraud, forgery, and criminal breach of trust by a servant, said police, adding, an investigation is underway in the case.

The Indian Express has reported that Nair has alleged that the accused and his family might have fled the country. Police said they have formed a team to investigate the matter and arrest the accused as soon as possible.

Said the complainant, “On 3.12.2023, the bank’s Chief of Internal Vigilance Department… received an email from (the accused) stating that certain persons associated with one of the customers are threatening him to do certain illegal transactions and since he objected to it, he is facing threats to his life… He made a prayer for registration of crime against… a firm (a customer), while alleging its directors are involved in hawala transactions.”

He further said, “The bank also received a complaint from (the firm), which said (the accused) had fraudulently and unauthorisedly withdrawn Rs 28.07 crore from the account of said company without the knowledge/authority of the directors.”

“(The accused) is placed under suspension… He is absconding and not cooperating with the internal investigation. It is suspected he has already left the country. Therefore, immediate action in coordination with passport/immigration authorities is required. Unless the accused is prevented from going abroad, serious prejudice will be caused to investigation and the nation at large,” said Nair in his complaint.

The bank also said there are chances he will park the proceeds of crime abroad.