K’taka HC: Dealing With Frauds In Financial Institution With Iron Hand

Bengaluru, Nov 24, : The Karnataka High Court upheld the decision to dismiss a bank employee who fraudulently withdrew money from a customer account.However, it noted that any fraud associated with a Financial institution must be taken seriously and dealt with with an Iron Hand.
This observation was made by a division bench, headed by Chief Justice Rituraj Awasthi and Justice Sachin Shankar Magadum, while listening to a petition by a bank employee challenging the dismissal order of one bench.

 K’taka Hc: Dealing With Frauds In Financial Institution With Iron Hand-TeluguStop.com

The single judge had rescinded the Central government industrial tribunal-cum labor court’s January 19, 2007 order, which reversed the decision to dismiss the employee.

The employee had opened a savings account for the customer that he knew, and deposited money for him.The customer complained to the bank authorities that the accused was withdrawing money from his account.

The court had passed an order based on the findings of the charge sheet that the bank employee accused had submitted a written submission stating that he was under Financial strain and was forced to withdraw money fraudulently.The court upheld the ruling of the single bench and observed that Frauds committed by bank employees have become a worldwide problem.

It was also noted that an employee with a fraudulent nature must be dealt with severely.This is an attack on the organisation from within by those who are responsible for protecting its assets, and resources.

The order was approved on November 15, but it is now available only.

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