Vikramaditya
Sri Vijaya Puram, July 1: The Crime and Economic Offences Unit of the CID has registered an FIR following a complaint alleging the misappropriation of more than Rs. 1.26 crore entrusted for ATM and Cash Recycling Machine (CRM) operations in the Andaman and Nicobar Islands.
According to the complaint lodged by the Manager (Banking) and authorised representative of SIB Services Private Limited, the company provides cash management services for Axis Bank and ICICI Bank in Sri Vijaya Puram. The company is responsible for collecting cash from banks for loading into ATMs and CRMs and for collecting deposited cash from the machines for delivery to the respective banks.
The complaint names Mr. Aasif Karim and Mr. Vishal Kumar, both employed as Cash Custodians, alleging that they were entrusted with large amounts of cash on a daily basis for transportation and deposit at various ATM and CRM locations, including Axis Bank facilities at Middle Point, Nayagaon, Bathubasti and Bambooflat, as well as the ICICI Bank ATM at Middle Point.
According to the complaint, discrepancies in cash reconciliation came to light on June 17, when the two employees allegedly submitted written declarations admitting to the theft of around Rs. 90 lakh. Dissatisfied with the initial explanation, the company conducted an internal audit on June 19, which allegedly uncovered serious irregularities in cash deposits over several months.
The audit reportedly found that substantial amounts of cash entrusted to the accused were not deposited into the designated ATMs and CRMs and had instead been misappropriated. The complaint further alleges that both employees subsequently executed written statements admitting to the retention and misappropriation of Rs. 1,18,88,000.
The company has also alleged that a forged voucher dated June 12, 2026, was used to conceal a cash shortage of Rs. 7.5 lakh in deposits made against an Axis Bank Cash Recycling Machine. Based on the audit findings, the total financial loss has been estimated at approximately Rs. 1,26,38,000.
The complainant has urged the CID to conduct a comprehensive investigation, recover the allegedly misappropriated funds, preserve documentary and electronic evidence, and take legal action against all those involved. The complaint further alleges that the offence was carried out systematically over nearly one year at multiple ATM locations, posing a serious risk to the banking and cash management system.
According to official inputs, both the accused have since been arrested. Investigations are currently underway to ascertain how the allegedly misappropriated money was utilised and to trace and recover the funds.
