ACB Registers Case Against Former Branch Manager of Devika Urban Cooperative Bank, Chenani, for Fund Misappropriation

A verification was conducted by Jammu and Kashmir Anti Corruption Bureau on receipt of communication of Chief Executive Officer, Devika Urban Cooperative Bank Ltd. Udhampur regarding misappropriation as well as frauds committed by one Amit Gupta, then Branch Manager, Devika Urban Cooperative Bank Ltd. Chenani etc. The verification revealed that the said Amit Gupta remained as Branch Manager of Devika Urban Cooperative Bank Ltd. Chenani from 2014 and during his tenure, he was indulged in various illegal acts like opening of fictitious accounts, withdrawal/ transfer of funds from different accounts (including unadjusted accounts without any authentication), disbursement of loan amount without approval, enhancement of CC Limits without approval, diversion of funds under various heads, disbursing of demand loan without security as well as failure in safeguard of security obtained in loan cases etc.

2. It surfaced during the course of verification that an amount of ₹1,76,56,363/- has been misappropriated by him, being Branch Manager of Devika Urban Cooperative Bank Ltd. Chenani. Out of said misappropriated amount, ₹1,52,87,907/- stands recovered / adjusted by him. Whereas, an amount of ₹23,68,456/- is still recoverable. During the course of verification, the said Amit Gupta contended that he was guided by some other senior officers of Bank who forced him to make advances, use of product OD (Over Draft) against deposit without obtaining any security as well as to create fixed deposits in the staff category to get the staff benefits in rate of interest etc. The role of other such officers is to be looked into during investigation.
3. It surfaced during the course of verification that an enquiry was also conducted by Bank in respect of misappropriation and frauds committed by Amit Gupta, then Branch Manager Devika Urban Cooperative Bank Ltd. Chenani revealing therein about misappropriation of an amount of ₹1,76,56,363/- (approx). The management of said Bank terminated his services thereof. By acting in this manner, Amit Gupta, then Branch Manager Devika Urban Cooperative Bank Ltd. Chenani, by abuse of his official position, dishonestly and fraudulently, misappropriated/embezzled the public money just for deriving personal benefits as a result of which a loss has been caused to public exchequer as well as Devika Urban Cooperative Bank Ltd. Chenani.
4. The aforementioned facts constitute commission of offences punishable under section 5(1)(C)(d) r/w section 5(2) of J&K PC Act, Svt. 2006 against Amit Gupta, then Branch Manager Devika Urban Cooperative Bank Ltd. Chenani. Consequently a case FIR No. 01/2024 has been registered in Police Station ACB Udhampur and investigation taken up. After obtaining Search Warrant from the Hon’ble Anti Corruption Court Udhampur, the Team of ACB also conducted searches in the house of Amit Gupta at Udhampur.
5. Further investigation in the case is going on.