Misappropriation of  Rs. 35.78 lakh ATM cash: Accused nabbed

Misappropriation of Rs. 35.78 lakh ATM cash: Accused nabbed

March 28, 2017

An employee of Logicash Solutions at Chamaraja Mohalla here, who had misused Rs. 35.78 lakh ATM cash to clear his personal loans and had gone absconding, was taken into custody by K.R. Police in city this morning, according to sources.

The Police have seized two cars and two bikes from him.

The accused has been identified as M.P. Shivakumar of Marballi village in the taluk, who was working at Logicash Solutions since the last two-and-a-half years.

It may be recalled that the company (Logicash Solutions) was given the responsibility of filling cash to State Bank of India ATMs in city and the company had deputed Shivakumar to replenish SBI ATM kiosks with cash between Mar. 7 and 18.

Instead of depositing cash at the ATMs, Shivakumar managed to siphon off a part of the money, but had made entries of money been deposited in ATMs.

The misuse of ATM cash had come to light during a routine audit conducted by the cash management company. Following this, the company officials had summoned Shivakumar after coming to know that the audit mismatch at the ATMs were from his jurisdiction.

Shivakumar who had admitted that he had taken the money in parts, had told the company officials that he had borrowed lakhs of rupees and had utilised the ATM cash to repay money lenders.

When he was told that the company would lodge a Police complaint, he had fled the spot and had gone absconding since then following which, a special Police team was formed to  nab him.


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