The Finance Ministry has ordered a forensic audit after reports of misappropriation of funds worth Rs. 436 crore in branches of Dena Bank and Oriental Bank of Commerce.
The audit was ordered after an inquiry revealed that some managers using middlemen issued fake fixed deposits and then used them to grant loans. On Wednesday, DNA newspaper reported that the government fears the Mumbai-based branches of Oriental Bank of Commerce and Dena Bank had misappropriated funds to the tune of Rs.436 crore. The case has been referred to the Central Bureau of Investigation (CBI), the report said.
According to a report, a Mumbai-based branch manager of Dena Bank mobilised (using middlemen) fixed deposits (FDs) to the tune of Rs. 256.5 crore from seven corporates while in case of OBC, misappropriation of funds to the tune of Rs. 180 crore was reported (which was deposited by an organisation as fixed deposit).
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