Nishka Srinivas Veluvali –
Published On: December 06, 2021 at 19:50 IST
The Karnataka High Court stated that, “Frauds, even if negligible, committed by the employees associated with financial institutions have to be viewed very seriously and dealt with an iron hand”, with regard to the Plea filed by K. Satishchandra.
The Division Bench of Chief Justice Ritu Raj Awasthi and Justice Sachin Shankar Magadum, quashed the Appeal filed by K. Satishchandra Shetty who was dismissed from the Union Bank of India for the charges of misappropriation of money, “Frauds carried by bank employees has now become a global problem.”
The Bench stated that, “Cash theft such as skimming customer’s cash deposits has become rampant and employee’s fraud or occupational fraud is likely the largest and most prevalent threat faced by financial institutions. Therefore, there has to be zero tolerance as a fraudulent employee constitutes an attack against the organization from within, by the very people who are entrusted to protect its assets and resources.”
The Court further on added asserted that, “It is no exaggeration that the greatest fraud risk that Bank faces, walk through their doors every morning and sit down to work. Therefore, any fraud, however negligible, associated with financial institutions has to be viewed very seriously.”
K. Satishchandra Shetty voluntarily admitted to all the charges put on him, after which the Disciplinary Authority of the Union Bank of India imposed a punishment of dismissal from service in April 1999.
The above penalty was questioned by the Appellant in an Appeal that too was quashed by the Appellate Authority in November that year itself.