News

Eight in India held for embezzling $486,000 in ATM funds

May 11, 2012

Eight employees of Mumbai-based CMS Security were arrested on Thursday for embezzling Rs 2.6 crore ($486,000) intended for ATM replenishment.

Over a period of 18 months, the CMS employees conspired to take money bound for bank ATMs, said a report in the Times of India.

"If CMS gave them Rs 30 lakh ($56,022), they used to load Rs 20 lakh ($37,348) and retain the rest," said assistant commissioner of police, CCS, P Ramakrishna. "But in the ATMs, they used to feed that Rs 30 lakh was deposited." 

The employees had access to dates of monthly audits, which helped them to hide the thefts. "During auditing, [they] used to fraudulently adjust the money in that particular ATM by making sure that the tally is matched," Ramakrishna said. "[D]uring a recent surprise audit, the CMS management came to know about the scam. They approached us and based on their complaint the culprits were arrested," he said. 

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