The company confirms the credit and debits to customers' bank accounts, after the bank gives them data for this
The Bandra Kurla police have arrested a 34-year-old employee of ISG Company, who was deputed at the BKC branch of a nationalised bank to look after reconciliation work, for cheating it (the bank) of over Rs 34 lakh. The company confirms the credit and debits to customers' bank accounts, after the bank gives them data for this.
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A police source said ISG Company provides reconciliation services related to credit and debit cards, ATM and online transactions to various banks. They had deputed Xavier Selvamani Pillai for this at the bank about three years ago.
The company submitted the reconciliation details from June 12, 2017, to April 2018 to the bank. During the review, the bank and ISG officials later found a savings account suspicious, as the balance was zero, but earlier transactions in it raised eyebrows.
The bank officials were shocked when they found that the account belonged to Pillai. The bank statement revealed that Rs 34,50,000 were siphoned off from a cash account to his account.
He was booked under IPC Sections 419 (cheating by personation), 420 (cheating) and 66C and 66D of IT Act. He was arrested and produced before a court and remanded in police custody.
A senior police officer of BKC police station, Kalpana Gadekar, said further investigation is going on. A police source added that Pillai had taken passwords (for these transactions) from bank staff on the pretext of work, but misused them.
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