J&K Bank Fraud: Three Employees Suspended, Booked for Embezzling Rs 2.37 Crore in Amritsar

In a staggering breach of trust, three employees of Jammu and Kashmir Bank have been suspended and face police charges for allegedly siphoning off over Rs 2.37 crore.

The accused, identified as Sunil Khajuria, Rakesh Kumar Bakshi, and Amit Gupta, were caught following a surprise cash inspection by the Branch Manager at the Shastri Market branch in Amritsar.

Unveiling the Fraud

On February 17, a routine check by the Branch Manager unveiled a shocking shortfall in the bank's cash reserves. Initial findings indicated a missing sum of Rs 2.04 crore, which upon further inspection escalated to Rs 2.37 crore. The discrepancy came to light after a detailed recount by a team from the bank's Zonal and Cluster Head Offices, leading to a formal police complaint lodged by Cluster Head Iftikhar Abdula Sofi.

Internal Investigation and Confessions

During the bank's internal probe, Bakshi and Gupta admitted to their roles in the embezzlement, returning part of the stolen funds. This admission led to their suspension along with Cash Manager Sunil Khajuria. A criminal case has been registered against the trio, marking a rare instance of such a large sum being misappropriated from the J&K Bank's strong room, primarily in coin form over an extended period.

Legal Proceedings and Bank's Response

With the case under intense scrutiny and no arrests made yet, the incident raises significant concerns about internal controls and security measures at financial institutions. The bank's swift action in suspending the implicated employees and pursuing legal action underscores the seriousness of the breach and a commitment to safeguarding customer trust and financial assets.

This incident not only highlights the vulnerabilities in banking operations but also prompts a broader reflection on the importance of rigorous oversight, stringent internal audits, and the need for a culture of accountability and transparency within the banking sector to prevent such breaches in the future.