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April 27, 2001
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Money > Business Headlines > Report April 27, 2001 |
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New India seeks CBI inquiry into effaced chequesFreny Patel The New India Assurance Company Ltd has sought a Central Bureau of Investigation probe into a case of 13 effaced cheques issued in the name of Tata Consultancy Services by the state insurer. The cheques were issued in February and March as Mediclaim payment to TCS employees, in the name of TCS. TCS's Mediclaim insurance cover exceeds a sum assured of Rs 500 million. The cheques -- each valued at Rs 100,000 or more -- were never credited to TCS' account but were deposited in the name of Gokul Dam, Ramesh Kumar and Ajay Kumar and Gurukripa Enterprises. New India has so far discovered 13 such cheques, which have been effaced, totally valued at more than Rs 2.5 million. Considering that New India tends to issue four to five cheques monthly to TCS for Mediclaim policies of its employees, the amount siphoned off through cheque-effacing could increase after the investigation, said company sources. The matter was detected early this week when a cheque issued by New India was returned to the insurer by Standard Chartered Grindlays Bank when it found that the payee's name on the instrument -- TCS -- was effaced. It is understood from the insurance company that the other 12 cheques, issued by a Calcutta-based public sector bank, have been passed and deposited into the fabricated accounts of Dam, Ramesh Kumar, Ajay Kumar and Gurukripa Enterprises. The insurance outfit puts the blame partly on the Calcutta-based bank for passing the effaced cheques. New India will take steps to recover the losses from the public sector bank through the bankers' indemnity cover. It is also understood that the insurance firm will review the existing system to prevent recurrence of such cases. At present, a cheque is signed by any of the authorised signatories, including the accounts officer and the administration officer. It is not necessary that the divisional manager signs every cheque. Powered by YOU MAY ALSO WANT TO READ:
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