Bank manager shifted days after flagging fund misuse

Time of India

19-07-2025

Jabalpur: A manager of the District Cooperative Central Bank in Katni was issued a transfer order days after he reported suspected misappropriation of Rs 19.41 lakh.
The letter, which was sent to him via email, was received six days after making the complaint, but was dated a day before he made the complaint.
Rajesh Kumar Jain, who was serving as the manager at the bank's Katni branch, wrote a complaint letter to the bank CEO in Jabalpur regarding financial irregularities. The letter stated that during an audit of old entries, it was discovered that on Jan 19, 2018, an unauthorised debit of Rs 19.41 lakh was made from the procurement current accounts of the committees in District Katni and credited to another account.
The branch credited the said amount to the account under the pretext of supplying tags, ink, etc.
No tender was issued at the district level for the purchase of tags and ink, said the complaint.
According to regulations, the amount should have been credited to the committee's account for purchasing tags and ink. Before debiting the amount from the committees' accounts, a cheque for the said amount should have been obtained from them. Branch Manager Rajesh Kumar Jain wrote this complaint letter on May 28, 2025. Six days later, he received the transfer order via email, but it was dated May 27.
Regarding this, Rajesh Jain stated that he was transferred six days after reporting the financial irregularities. "There must be some pressure, I cannot think of anything else," Jain said.