In a shocking incident, seven staff members, including three women of a private bank who misappropriated Rs 1.16 crore by misusing jewel loans issued to customers, were sent to Vellore Central Jail on Friday.
Police said the misappropriation came to light when the bank’s divisional manager, who reviewed the working last May, got suspicious of the Tiruvannamalai branch located on Sannadhi street.
The suspicion arose when jewel loans totalling more than Rs 28.70 lakh were issued to one local individual against the bank’s norm of a maximum of Rs 25 lakh. This individual, after repaying one loan on May 18, got another loan of Rs 4.07 lakh for her employee, which was reportedly settled in May by Manikandan, Kathikeyan and Santhana Hari Vignesh. It was also revealed that nearly 20 jewel bags containing 3.7 kg gold valued at Rs 1.16 crore were missing. Apart from that, the CCTV footage was erased and the cameras switched off for four days between May 10 to 14.
Based on a complaint to Thiruvanamalai SP M R Sibi Chakravarthy, a case was registered and following investigation the seven accused were sent to the jail.