Noida News: In a recent development, Noida Authority has taken action regarding the Rs 200 crore FD scam case. The matter came to light after irregularities were discovered in a fixed deposit of Rs 200 crore deposited in Bank of India, Sector-62, in June 2023.
A group of fraudsters stole a portion of the funds, withdrawing Rs 2.9 crore as the first installment and attempting to withdraw another Rs 9 crore. Notably, these individuals had visited the Noida Authority office, interacted with finance department personnel, and even presented fake FD documents, which went unchecked.
No evidence of employees in fraud
An investigation committee, led by ACEO Manvendra Singh, with members ACEO Prabhash Kumar and Chief Law Officer Ravindra Prasad Gupta, found no evidence implicating any Noida Authority officers or employees in the fraud. However, after CEO Dr. Lokesh M. took over from the previous CEO, Ritu Maheshwari, he noticed apparent negligence on the part of Chief Finance and Accounts Officer (CFO) Manoj Kumar Singh.
CFO allegedly favored Bank of India in FD:
The CFO had allegedly favored Bank of India in the FD bid process, even though it was not on the approved list at the CEO level. Subsequently, a show cause notice was issued to the CFO, threatening suspension if an unsatisfactory response was received.
In light of the CFO’s apparent negligence in the FD case, Noida Authority CEO Dr. Lokesh M. has issued an adverse entry and halted his salary increment. While the investigation committee did not implicate any Noida Authority officers or employees, it raised concerns about the CFO’s actions in favor of the bank during the bid process.
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