WBIDFC claims Rs 120 cr missing from UCO Bank a/c

WB's infrastructure financing arm had parked the money with Kolkata-based bank in two separate transactions

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West Bengal Infrastructure Development Finance Corp (WBIDFC) today claimed that around Rs 120 crore was missing from its fixed deposit accounts with UCO Bank.

The infrastructure financing arm of the state government had parked the money with the Kolkata-based bank in two separate transactions.

“We have informed the state finance secretary, home secretary and police commissioner. We have already filed an FIR (first information report) with the local police,” Abhirup Sarkar, chairman of WBIDFC, told Business Standard.

In August 2012, WBIDFC opened a fixed deposit account with UCO Bank by transferring Rs 59 crore from its account with Bank of India.

In January 2013, the infrastructure financing company opened another fixed deposit account with UCO Bank by transferring Rs 61 crore from its account with Indian Bank. UCO Bank had issued fixed deposit receipts in favour of WBIDFC for both the transactions.

While reconciliation of its accounts with UCO Bank earlier this week, WBIDFC noticed the money was missing. “We found that in the bank’s books, the beneficiary of those fixed deposit accounts was a different company and not WBIDFC. We sensed some foul play and hence decided to lodge an FIR,” Sarkar said.

Most top executives at UCO Bank were not aware of this development. However, according to a senior official, the bank has started an internal probe.

“At this moment, I am not in a position to offer any comments,” S Chandrasekharan, executive director of UCO Bank, said.

Arun Kaul, chairman and managing director of the bank, was not immediately available for comments.

Sarkar said the bank was likely to send some of the senior executives to the WBIDFC office today to investigate their claim.

WBIDFC was promoted by the government of West Bengal to cater to the growing need of infrastructure facilities in the state.

It is under the administrative control of the state finance department and is also registered as a deposit-taking non-banking finance company with the Reserve Bank of India.