EOW arrests BoI bank manager in Rs5.52 crore SIES fraud scam

The economic offence wing (EOW) of the Mumbai police had arrested the manager of Bank of India (Taloja branch) in connection with Rs5.52 crore South Indian Education Society (SIES) fraud scam. The accused has been identified as Prabhakar Bhagat Dingankar (58) who was arrested for his active role in the scam.

The cash-credit scam came to light when the officials of Bank of India (Taloja branch) got in touch with SIES to confirm if the trust had asked for cash-credit. SIES office bearers were informed by the bank that Rs5.52 crore has already been withdrawn using the cash-credit facility. It was then that the SIES officials checked with other banks to find out that a huge amount of money has been siphoned off using the cash-credit facility. Following this, a case was registered and EOW started the investigations in the case.