Hyderabad: Employees embezzle Rs 1.37 crore from ATM cash management agency

Two employees of a cash management agency siphoned off Rs. 1.37 crore over last two years, spent the money lavishly before approaching the management and admitting their guilt.

Hyderabad: In a case that will surely serve as storyline for making a web series, two employees of a cash management agency siphoned off Rs. 1.37 crore over last two years, spent the money lavishly before approaching the management and admitting their guilt.

The duo – Ramu (30) of Bhuvangiri and Nagesh (31) of Raigir, worked with a Mumbai based cash management agency and were tasked with replenishing cash in the automated teller machines (ATMs) of a nationalized bank in Bhuvangiri, Yadgirigutta.

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They were working for nearly the last couple of years. “As part of their routine, the duo collected cash from the bank and went around replenishing cash in the machines. On several instances, they did not replenish cash or deposited only small amounts and pocketed the remaining amount,” said Bhuvangiri Town Inspector Sudhir Krishna.

The misappropriation of the huge amount went unnoticed until the duo themselves surrendered before the manager of the cash management agency branch located in Hyderabad and confessed to the crime. Both of them assured to repay the amount to the company shortly.

Shocked by the revelation, the management conducted an audit and found an amount of nearly Rs. 1.37 crore was misappropriated by them. The management then approached the police and lodged a complaint against them.

On a complaint, the Bhuvangiri police registered a case and conducted a detailed investigation. The police recovered Rs. 5 lakh cash and some other articles from the duo. Both of them were remanded.

The police during their probe found that the management did not conduct a proper audit of the amount. “The duo got worried as the amount amassed by them illegally got high over a period of time and in case they are caught it will be difficult for them to pay it back,” said the Inspector.

Using the amount both of them invested in real estate, cleared a few loans and went on holiday to different places. However, they said they had taken an amount of Rs. 80 lakh only.