Hyderabad: Central Crime Station Hyderabad has registered a case, after LogiCash, an ATM logistics company, filed a complaint of alleged siphoning off of Rs 1.88 crore in new Rs 2,000 currency notes by its employees.
The cash was meant for daily replenishment of the ATMs.
During an internal audit, the company found out misappropriation of cash in one ATM. Investigation revealed, similar fraud in other ATMs, which primarily included SBI ATMs in the city.
SBI had given a contract for ATM replenishment and management to Tata Communications Payment Solutions Limited, which in turn gave a sub-contract to Logicash.
The modus operandi was to take advantage of loophole in ATM cash replenishment system. The cash is physically deposited in ATMs and amount is also registered manually, which can easily be manipulated. Only physical audit can reveal the cheating in ATM.
CCS suspect that the case is just the tip of the ice-berg and similar frauds might have taken place on a large scale involving staff of several logistics companies, post demonetisation.
Police has directed cash management companies to regularly conduct physical checks at ATMs so that money meant for public does not reach into hands of unscrupulous people. They have also requested banks to be more alert while out-sourcing.
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