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India's police file cases against officials of Bank of Baroda, Indian Bank

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India's police file cases against officials of Bank of Baroda, Indian Bank

India's Central Bureau of Investigation filed cases against officials of Bank of Baroda and Indian Bank over alleged embezzlement of government funds in connection with an alleged fraud involving a nongovernmental organization, The Hindu reported June 13.

The CBI has arraigned the former branch manager of Bank of Baroda's Bhagalpur branch, its cashier and other employees. The CBI has also named the former branch managers of Indian Bank in the case.

The case revolves around Srijan Mahila Vikas Sahyog Samiti, which had been accused of diverting 8 billion rupees of government funds to its accounts between 2004 and 2013 in connivance with banks and state government officials.

As of June 13, US$1 was equivalent to 67.52 Indian rupees.