Hyderabad: In connection with bank fraud, a 39-year-old accused has been arrested for the expropriation of approximately seven million rupees and fraud from the American Express Banking Corporation.
The accused Mohan Kotilingam Uddanda worked for 10 years as assistant manager of Invesco (India) Private Limited and benefited from an agreement between American Express and his company which agreed to provide corporate cards to Invesco employees.
The card limit was Rs 5 lakh and was intended to be used only for domestic, international and official expenses. It was also clear that the employee had to repay the amount used. However, after his resignation in 2021, the accused did not return the American Express card. In order to deceive the business, he changed his cell phone number linked to the card and used the same.
The accused then visited Goa where a co-accused (friend of Mohan) presented 14 checks from various banks in Kolkata as refunds for used withdrawals from the corporate cards for an amount of almost R7 million and the amount misappropriated and the American Express Banking cheated. Corporation for which they registered the FIR.
The accused Mohan Kotilingam Uddanda was subsequently arrested on September 13 by officials of the Central Crime Station, Hyderabad and was sent to court for judicial detention.
Source: The Siasat Daily