by PG.POOCHERY
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It was a stunning disclosure to me that even a nationalised bank had played a 'fraud' on the insurance company. The salary deduction department had a bank account with this state bank. Usual instruction to the bankers was to transfer amounts automatically to the head office of the central office when the amount exceeded a particular limit.
State Bank opened a second account and kept big amounts in this account without the knowledge of the insurance corporation. The bank closed this account when they came to know that the insurance corporation had come to know of the existence of such an account.
A second account was opened, maintained and finally closed by state bank. And the corporation was not in the know of things.
It speaks volumes for the efficiency of the department and there is little wonder that a fraud of great magnitude was perpetuated by an employee too in the same department.
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