HC raps ICICI Bank for failing to recover money from erring staff

CHANDIGARH: The Punjab and Haryana high court has rapped ICICI Bank for failing to recover ₹14 lakh from four of its employees who were allegedly held responsible for misappropriation of money from the account of an Amritsar resident.

The “erring” employees were downgraded by the bank but it admitted in the court that no recovery had been made from anybody.

The high court bench of justice AB Chaudhary imposed a cost of ₹5,000 on the manager, legal, ICICI Bank Limited, Chandigarh for misleading the court and gave him one more chance to file affidavit, stating the time within which the entire money, with interest at the rate of 6% per annum would be recovered.

The court also asked the bank to give a list of immovable properties of the four employees to the court and Amritsar police who would take immediate steps to attach their properties.

The bank has also been asked to attach their salary as well.

In December 2014, an Amritsar resident had complained to the police of misappropriation of ₹14.85 lakh from his account. Later, the bank and the complainant struck a compromise but during the hearing in high court for quashing of first information report (FIR) it came to light that money had not been recovered by the bank.

“In the case where huge public money has been lost, the petition cannot be allowed to be withdrawn, particularly in the light of the earlier orders made by this court. Hence, the prayer for withdrawal of petition is rejected,” the high court bench said rejecting the plea of the bank.