Manager arrested for duping bank of Rs15 crore

Source:Somendra Sharma / DNA
Wednesday, March 17, 2010 1:18 IST

Mumbai: The officers of the Economic Offences Wing (EOW),
 of the Mumbai Crime Branch arrested the general manager of
 a private bank on Monday for allegedly misappropriating the
 bank’s funds to the tune of Rs15.55 crore.
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 The arrested man has been identified as Hillary Grecian
Anthony Barboza, a resident of Virgo Villa Apartment on SV
Road in Bandra (W).

According to the police, Barboza was working as the general
manager of a co-operative bank that has its branches at Dadar
and Lower Parel. “Between 2002 and 2005, there have been several
cases of dividend warrant misuse, current account misuse and
current account cash-credit misuse found within the bank.

The Cooperative Commissioner was also conducting investigations
into the case, as it was learnt that within just three years there
had been fraud worth Rs15.55 crore committed at the bank,”
said an officer from the EOW, requesting anonymity.

The officer added that the Reserve Bank of India had underwritten
the bank, and a case of fraud was registered with the general
cheating branch of the EOW.

“We had arrested Barboza on Monday and produced him before a local
court for police remand. The court has remanded him in judicial custody
 till March 17, as he is suffering from hypertension. He was later
 admitted to JJ Hospital in Byculla,” the officer said.