Over Rs 60 lakh withdrawn fraudulently from Air Force's public fund

      A case of fraudulent withdrawal of money from Indian Air Force's public fund account with a nationalized bank has been detected by AFCAO (Air Force Central Accounts Office) officials. The withdrawals were done using counterfeit cheques with forged signatures that were cleared by the bank. The IAF has instituted an enquiry into the case and has also filed an FIR with the civil police. The IAF has also ordered validation of all its public and non-public accounts held at all Air Force establishments. In a systematic fraud over a week from June 4-10, a total of 15 cheques amounting to Rupees 48,41,910 have been realized through the Bank against accounts of purportedly non-existent individuals, across the country. The fraudsters, however, have managed to withdraw about Rs. 14 lakhs through various ATMs across several states, according to bank sources. The exact figure is yet to be ascertained. The bank has, meanwhile, agreed to reverse the entire lost amount to the IAF's Public Fund, as it was their responsibility to verify the genuineness of the cheques and their signatories. The cheques were dropped at drop boxes at various places and the banking system failed to detect the fraudulent cheques with fake signatures.

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