In a remarkable display of vigilance, a State Bank of India official from the Jawhar branch in Palghar district, Maharashtra, single-handedly prevented a massive financial fraud amounting to over ₹111 crore belonging to the state government's Public Works Department.
The Suspicious Transaction
The incident unfolded when a cheque dated November 7 was presented at the SBI Jawhar branch for an enormous amount of ₹111 crore and 63 lakh. The cheque requested a demand draft to be issued in favor of a local contractor operating under the name Ovi Constructions.
What raised immediate red flags for the alert bank official were several unusual aspects of the transaction. First, the amount written on the cheque contained the words 'million' and 'billion' - terms rarely used in routine local banking transactions. Second, the transaction was handled by a third-party individual who didn't represent the PWD department directly.
Immediate Action and Investigation
The concerned SBI official promptly visited the PWD department to verify the authenticity of the cheque and accompanying documents. Upon thorough verification, it was confirmed that the credentials were forged, exposing an attempted fraud of monumental proportions.
The swift action led to the arrest of the contractor, who surprisingly also held the position of president of Jawhar Nagar panchayat, along with a contractual employee from the PWD department. Both individuals were presented before the court and subsequently sent to police remand for further investigation.
Ongoing Probe and Legal Proceedings
Police authorities have registered a case under sections of cheating and forgery at the Jawhar police station. The investigation is currently underway to determine if additional individuals were involved in this sophisticated attempt to loot government funds.
According to sources familiar with the matter, the targeted funds were from the PWD's account containing Earnest Money Deposit amounts submitted by contractors during tender applications. The attempted fraud highlights critical vulnerabilities in financial security protocols that could have resulted in massive losses to public exchequer.
The case serves as a stark reminder about the importance of vigilance in banking operations and the need for robust verification processes, especially when dealing with substantial government funds.
