Industrial Co-operative Bank Limited MD appointed his former employees in bank

STAFF REPORTER

GUWAHATI: The managing director of the Industrial Co-operative Bank Limited, Panbazar, Subhra Jyoti Bharali, owned a micro finance institution named Asomi Finance. After it was closed down, he allegedly appointed employees of this financial institution as field executives and payment collectors in the Industrial Co-operative Bank Limited, said police sources.

Bharali joined the Industrial Co-operative Bank Limited as managing director in 2016. Sources said that prior to his joining, the bank never gave loans to self-help groups (SHGs). However, after Bharali joined, the bank started giving loans to SHGs and for loan installment collection, he appointed his employees of Asomi Finance as field executive and payment collectors. Police sources further said that Bharali had opened 4-5 banks accounts in the Industrial Co-operative Bank Limited in the name of each of these employees and he allegedly used to carry out financial transactions through these accounts.

Subhra Jyoti Bharali was arrested by Panbazar Police on Sunday in connection with a case registered in Panzbazar Police Station (551/2021) under sections 120B, 387 and 506 IPC following an FIR lodged by a former employee of the bank on Saturday.

Prior to that, a case had been registered in the Panbazar Police Station against eight officials of the Industrial Co-operative Bank Limited based on an FIR lodged on September 15, 2021, by Bhadreswar Barman, president of the NGO Nagarik Suraksha Mancha, Assam. The complainant alleged in the FIR that the eight persons resorted to "huge financial misappropriation and forgery" in the bank amounting to Rs 9,50,61,499. The officials included MD Subhrojyoti Bharali. He, as well as the other officials, managed to get imterim bail in the money siphoning case.

Also Read: Subhrajyoti Bharali Arrested By Guwahati Police In Rs 50 Crore Scam

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