Cheats embezzle Rs 1.77 cr from steel group on forged cheques

An alleged gang of cheats have siphoned off crores of rupees from the accounts of an established business house using forged cheques here, police said today.
The cheats transfered Rs 1.77 crore from the bank accounts of employees working for the steel group on forged cheques yesterday, CO City Sanjiv Kumar Vachpayee said.
The matter came to light when the victims received notification on their mobile phones regarding transactions and alerted police about the cloned cheques.
According to the complaint registered by them, two different transactions of Rs 92.50 and Rs 84.50 lakhs from two separate bank branches were completed and transferred to another account on the cheques.

A case has been registered yesterday and the accounts of the accused have been temporarily seized. The victims of the fraud were the industrialists in the steal group.
The matter is under investigation and the accused will be arrested once they are identified, Vachpayee said.