Accused In Mulund Municipal Co-op Bank Scam Arrested

Last week, Home Times broke the news of a bank scam at the Mulund Municipal Cooperative Bank where a clerk had cunningly siphoned off Rs 3.49 crore. This week, the police arrested the astute clerk. He has been identified as Milind Nikam (35).

It may be noted, Nikam had been working in the bank for the past one and a half years as a clerk. Some of his co-workers suspected his working style. They said that even after office hours Nikam kept working on the computer. Suspecting Nikam’s suspicious activities, his colleagues brought the matter before the Bank Manager, Ashok Jagtap, who immediately conducted an inquiry and the shocking scam was exposed!

During the investigation, it was discovered Nikam mis-used the bank account. He secretly transferred funds from the Expense Account of the bank into the account of his wife and an acquaintance. Investigation revealed Nikam had looted the bank of more than Rs 3 crore!! When the bank manager interrogated Nikam, he admitted his crime. Hence, the bank manager lodged a written complaint against Nikam.

Nikam has been booked for breach of trust (409), cheating (420), and forgery (465). Mulund police are further investigating the case.