The Telegraph
Friday , June 8 , 2012
Since 1st March, 1999
CIMA Gallary

Bank to pay if papers genuine
- Certificates must have security marks

Siliguri, June 7: The Uco Bank authorities have decided to pay back customers whose fixed deposits were misappropriated by a section of its employees in Siliguri if the certificates issued against the cash are genuine.

A deputy general manager of the bank posted in the Calcutta circle today said if the stationery — the paper certificates which were issued with fictitious account numbers on them — bore the necessary security marks, customers would get their money back.

The accused — three assistant managers, a head cashier and a contractual employee — had taken out the certificates from the Jalpai More branch’s stationary stock, filled them up and issued them to around 50 people and collected nearly Rs 1 crore against them. The police, when the incident came to light in May, had said the accused had not entered the amounts in the bank’s system.

“Being a nationalised bank, we decided to honour the trust of our customers. People who had handed over their cash to these employees, had done so because of the faith they have in our bank,” said deputy general manager D.N. Rautray, who is looking into the charges of misappropriation of funds by the employees.

“It has been decided that their money, which these people took as our employees, would be refunded, provided the papers or the certificates, issued to them, are original and bear necessary the security marks printed by our stationary department.”

A senior official said though many people initially claimed that their money had been misappropriated, the final figure shows that around 45 to 46 customers were duped. “The total sum in question is slightly below Rs 1 crore. As the bank does not have details of these customers, we have asked them to submit their KYC (know your customer) forms.” The bank has appealed to the court to let them see the certificates which had been seized by the police.

“Once we get to see the certificates and confirm that the stationery is original, we will tally the details in the certificates, like name, address, age, amount invested with those on the KYC forms. Once these match, the bank would return the money. The process would be expedited after we get necessary permission from the court,” he said. “This verification of personal details will be done to avoid confusion on the claimants’ or depositors’ identity while we pay them back.”