Money & Banking

IOB suspends manager in Puducherry

Chennai | Updated on January 06, 2011 Published on January 06, 2011

Indian Overseas Bank has suspended its bank manager in Puducherry who has been arrested for allegedly swindling Rs 7 crore from a private hospital in Pallikaranai, Chennai suburbs.

The Central Crime branch of suburban police had arrested Mr S Ganapathy on January 4 on charges of impersonation and misappropriating funds from a hospital where he worked as the financial controller in violation of government rules. Mr Ganapathy has been accused of swindling money from the bank account of the hospital.

Mr M. Narendra, Chairman and Managing Director, Indian Overseas Bank, said the bank would take appropriate steps and penalise him if found guilty.

The bank has undertaken an internal investigation to check whether Mr Ganapathy has misappropriated any of the bank funds or any fraud relating to bank.

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Published on January 06, 2011
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