The branch manager and a security guard of a bank in Odisha’s Ganjam district were arrested for allegedly misappropriating over Rs 50 lakh, police said on Thursday.
The fraud came to light following an audit of the loan accounts of Utkal Grameen Bank (UGB), they said.
Nihar Kant Pradhan and security guard Ajay Panda had misappropriated around Rs 52 lakh on the pretext of disbursing loans to different organisations and joint liability groups, police said.
Pradhan, who heads the Hatiota branch, transferred the loan money to the accounts of the security guard, according to a complaint by UGB regional manager Ajay Nayak.
The security guard did not make any objection to the transfer as the 29-year-old manager apparently persuaded him that it was his personal money, Kabisuryanagar police station inspector Prabhat Sahoo said.
Pradhan had joined as the branch manager last June. The duo has been arrested and the regional office is ascertaining the extent of the fraud, the officer said.
