HSBC Bank manager held for stealing Rs 1.3 crore

Bank | admin | December 11, 2011 at 12:00 pm

Basavanagaudi police arrested a relationship manager of HSBC for allegedly cheating customers to the tune of Rs 1.3 crore by knocking off cash from their accounts on the pretext of investing the money in different saving schemes.

KV Kiran Kumar of the bank's Gandhi Bazaar branch, allegedly conned six customers by taking money from their accounts held with the bank.

Preliminary investigation revealed that he had promised customers that he'd invest their money in various portfolios held by the bank, but didn't do it. Police arrested Kiran's father Vijayakumar on Tuesday in Mysore and are investigating whether Vijayakumar had any hand in the crime.

Police said Kiran conned victims to the tune of Rs 1.3 crore during the past three years. An MBA graduate and a resident of Vidyaranyapura, Kiran joined the bank in 2009, police said. He reportedly confessed the crime to police and stated that financial commitments and huge debts forced him to commit the fraud.

How he cheated?

Kiran would approach customers who had a large amount of money in their savings bank accounts. "Later, he'd convince them that they would get better returns if they invested their money in different plans. The victims trusted him as he was a manager. When customers gave the money, Kiran would transfer it into his father's account," police said. "We're questioning both the accused to find out the possibilities of others' involvement," a senior police officer added.

An HSCB spokesperson said, "We are aware of the issue and have ourselves registered a police complaint."