HUBLI: ICICI Bank, Hubli, has decided to honour all bona fide transactions done by cooperative societies with it through Rajaram Hegde of Sirsi, who is reported to be absconding after allegedly cheating the bank of Rs. 3.5 crore.

In a release, the bank said it had taken steps after the alleged misappropriation of funds by Mr. Hegde, who was appointed by the bank as direct sales agent and rural marketing associate.

Although Mr. Hegde was not appointed on behalf of the bank to collect any cheques or demand drafts towards repayment of loans, he had falsely represented the bank in this regard and collected cheques and demand drafts in his name and account number and did not transfer the same to the bank for crediting the sum to the accounts of customers.

The bank said it had appointed a chartered accountant's firm to do the reconciliation of all receipts and repayments.

The firm in coordination with the cooperative societies had completed the reconciliation and was likely to submit its report shortly.

FIR filed

An FIR had been filed against the accused. The bank had frozen Mr. Hegde's accounts and had terminated his agency.

Mr. Hegde, a native of Sirsi, was associated with Srinidhi Capital Services, Srinidhi Technologies and Srinidhi Financiers. He had an office in Hubli at Revankar Complex.

Complaint

The Hubli Suburban Police registered a complaint filed in this regard on December 6 by Jitendra Kumar, assistant manager of ICICI Bank, Hubli, and the Commissioner of Police constituted a special team to trace out the accused.

Printer friendly page  
Send this article to Friends by E-Mail