The Bank of India has initiated departmental action and approached the police following the alleged embezzlement of 45.20 lakh rupees from its branch located in Bag, Dhar district, Madhya Pradesh. Head cashier Hitesh Ningwal has been suspended and subsequently arrested, while branch manager Mayur Dubey has been removed from his post to ensure an impartial probe. Assistant manager Rahul Panjwani has also been served a suspension notice with instructions to report to the regional office in Indore, and Vipin Bag has assumed charge as the new branch manager.
Routine verification uncovers substantial cash discrepancy
The financial anomaly came to light during a routine cash reconciliation exercise conducted at the Bag branch. Upon balancing physical holdings against the figures recorded in the institutional ledgers, inspecting officials discovered an unaccounted deficit of 45.20 lakh rupees. The scale of the discrepancy prompted an immediate internal investigation, during which suspicion fell heavily on head cashier Hitesh Ningwal, who allegedly absconded from the premises carrying the keys to the vault locker.
Following the initial detection, senior executives from the bank’s regional office visited the branch to scrutinise cash handling documents, logs, and transaction ledgers. After preliminary assessments confirmed the missing funds, management lodged a formal complaint. An initial first information report was registered at the Bag police station on Tuesday evening by the branch manager. Police personnel traced and arrested Ningwal, subsequently presenting him before a local court, which remanded him into custody for systematic interrogation regarding the duration and execution of the withdrawals.
Embezzled funds diverted to vehicle loans and local debt
During police questioning, Ningwal allegedly admitted to siphoning money from the branch vault over an extended period. Investigators stated that the cashier owned three Bolero vehicles and took incremental amounts from the vault holdings to pay the required monthly loan instalments. The accused also informed interrogators that a portion of the withdrawn cash was utilised to clear outstanding personal debts owed to local lenders in the market.
Police authorities are presently tracing the broader financial trail to confirm how the misappropriated capital was dispersed. Investigating teams are reviewing the accused official’s bank accounts, personal assets, vehicle records, and related transactions. Concurrently, internal auditing teams from the bank are reconciling day-to-day transaction records to ascertain the precise timeframe during which the unauthorized removals took place without detection.
Administrative changes and ongoing scrutiny of branch controls
To maintain integrity during the ongoing inquiry, the management transferred branch manager Mayur Dubey out of the Bag establishment. Dubey stated that his transfer was intended to facilitate an unhindered investigation free from administrative conflict. Simultaneously, assistant manager Rahul Panjwani received a suspension notice requiring his appearance before the regional oversight authorities in Indore, as the institution examines whether lapses in daily supervisory oversight and internal controls contributed to the shortfall.
With Vipin Bag taking charge of the branch, both the police investigation and the departmental inquiry are proceeding simultaneously. Inquiries are focused on determining whether any other personnel participated in the misappropriation or overlooked standard operating procedures. Law enforcement officials and bank authorities affirmed that subsequent administrative and legal steps will depend on the findings emerging from the financial audit and custodial questioning
