Indian police arrest four over alleged $49 million bank fraud
Published on Aug 29, 2014 1:17 AM
MUMBAI (REUTERS) - Police in India's financial capital have arrested four people alleged to have siphoned off money from accounts held in multiple banks, mostly state-owned, in the latest scandal involving public sector lenders in Asia's third-largest economy.
The economic offence wing of the Mumbai police is looking for six more suspects, a deputy police commissioner told reporters on Thursday, adding that the alleged fraudulent withdrawals total about 2.38 billion rupees (S$49 million).
The case comes hard on the heels of an alleged more than 4 billion rupee fraud at branches of state lenders Dena Bank and Oriental Bank of Commerce, which authorities are investigating separately.
In another incident, the head of state-run Syndicate Bank was arrested this month over allegations that he was seeking bribes to favour debtors.
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