In a convoluted case that unfolded in Mangaluru, an Income Tax search resulted in the seizure of ₹5 crore belonging to IDBI Bank, prompting the bank to request a CBI investigation into the matter.

The incident transpired in mid-December 2023, when Income Tax officials conducted a search at a business establishment near Kankanady. They intercepted a currency-laden vehicle carrying ₹5 crore, intended for delivery from IDBI Bank. However, further investigation revealed that the businessman at whose premises the vehicle had arrived had no connection to the transaction. Moreover, the intended recipient of the money, a regular customer of the bank, had not completed the loan application process, raising suspicions.

The customer subsequently accused two bank officials of withholding 1.9 kg of gold pledged by him and debiting ₹61 lakh from his overdraft (OD) account without consent. This led to a police complaint against the Manager and Assistant Manager of IDBI Bank.

Police investigations unveiled a complex scheme, alleging that a bank employee colluded with the customer to siphon off funds. The implicated bank employees are currently evading arrest after their anticipatory bail plea was rejected by the sessions court in Mangaluru.

The case, involving misappropriation of approximately ₹6 crore, has been transferred to the Cybercrime, Economic Offences, and Narcotics police station due to the substantial amount involved. IDBI Bank has escalated the matter to the CBI for further investigation.

Despite repeated attempts, IDBI Bank declined to provide a statement on the ongoing case.

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