A manager of a Vadodara-based public sector bank was arrested on Monday along with three others for allegedly withdrawing Rs 1.75 crore from a fixed deposit and transferring the money to two other accounts using forged documents, the police said.
The money had been initially deposited by liquidator of a cooperative bank.
"Amul Mohod, the manager of Diwalipura branch of Punjab National Bank in Vadodara, was arrested by the city crime branch along with three others on charges of cheating, forgery, and criminal conspiracy," said senior police official (Crime), Vadodara, Jaydeepsinh Jadeja.
He said the liquidator of Anyonya Cooperative Bank had stated in a complaint that some unidentified persons withdrew Rs 1.75 crore from the bank branch after he deposited it on January 16, 2020.
Mr Jadeja said Rs 1,75,48,544 were withdrawn along with accumulated interest through a demand draft payable at Kolhapur district using bogus documents.
The accused persons also forged the documents in the name of the cooperative bank to open a current account in its name at Karelibaug branch of the Central Bank of India where they deposited the demand draft, Mr Jadeja said.
"From Central Bank of India, the money was transferred to accounts opened in the names of two Mumbai-based companies of the accused. They transferred Rs 1.5 crore in one account and Rs 25 lakh in another," Mr Jadeja said.
Three other accused are identified as Rahul Shah and Bhupesh Surati, both residents of Mumbai, and Kiran Panchal, a resident of Ahmedabad.
Three others are on the run, the police said.