Bank manager arrested for Rs. 1.85 crore fraud

A Special Investigation Team (SIT) constituted by Nagaland Police has arrested a bank manager from Port Blair in Andaman & Nicobar Islands in connection with a bank fraud, forgery and cheating case.
The police in a press note said the SIT arrested Pallab Nag, currently the branch manager of Bank of Maharashtra, Port Blair branch, in connection with misappropriation of funds to the tune of Rs 1,85,32,000 when he was posted at the Dimapur branch of Bank of Maharashtra.
Along with other co-accused persons, Nag had sanctioned unsecured loans to customers against schemes such as Stand-up India, Prime Minister’s Employment Generation Programme, Pradhan Mantri MUDRA Yojana, etc, while being posted here.
Police said the sanctioned amount granted for purchase of vehicles and machinery were then siphoned off and misappropriated by the accused, resulting in wrongful gain to themselves through misrepresentation and forgery, thereby defrauding the bank and causing breach of trust and cheating the victims.
Further, police urged public and bank customers to report similar instances, if any, to phone number 6009308037 or E-mail to statecrimeps-ngl@gov.in