Bank manager arrested on charges of fraud

A branch manager of public sector bank has been arrested for allegedly swindling about Rs 1.40 crore fixed deposits from some bank customers.
Acting on a complaint filed by Indian Overseas Bank zonal manager G Kalyanam, a special team of Central Crime Branch officials arrested M Parasuramamurthy, the bank's Adambakkam branch manager yesterday from his residence here, a police release said.
He was later remanded to judicial custody and has been lodged at the Puzhal prison, the release said.
Investigations revealed that Parasuramamurthy while working in Rajapalayam branch had swindled several crores of rupees deposited as fixed deposits by A K D Venkataramanraja, who is the attorney of A K D Kumar (both NRIs), it said.

Parasuramamurthy, who was later elevated to the level of Senior Manager at Rajapalayam main branch, had given fake renewal letters to Venkataramanraja as the deposits matured.
Later, he had withdrawn about Rs 80 lakh deposited by a customer at the Rajapalayam main branch, as Venkataramanaraja wanted to withdraw cash from his fixed deposit account, it said.
Meanwhile, Parasuramamurthy was transferred to Adambakkam branch as its manager in Chennai and when Venkataramanaraja wanted the maturity amount, he swindled another Rs 61 lakh deposited by another customer in the branch, the release said.