The accountant, Navin Kumar Sao, with the help of his accomplices, allegedly transferred Rs 49,60,000 from the account of Pawan Kumar Poddar, owner of the company, from one bank's Sakchi branch, to another account opened in another bank through RTGS on May 23, said Senior Superintendent of Police, Anoop T Mathew.
Addressing a press conference here, Mathew, who was accompanied by the Superintendent of Police (City), Chandan Jha, said Sao has transferred the money after forging the signature of Poddar on the cheque.
The accused had withdrawn Rs 9.60 lakh before police action started, he said.
Mathew said police arrested Sao from his house in Adityapur in Seraikela-Kharswan district.
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Sao's confession led the police to arrest his sister Neelam Kumari and another person identified as Rakesh alias Ankit Kashyap from Adityapur.
Police has recovered Rs.Two lakhs from the possession of Rakesh, who told police that he was assured of eight per cent share of the total amount by the accused.
Rakesh told police that the rest of the amount was with one Amit Kumar Srivastav, Neelam's senior colleague at her workplace, who was at large, Mathew said.
"We are also investing the possibility of involvement of employees of the bank concerned as well as the mobile service provider in this regard," Mathew said adding that altogether seven mobile phones were seized from them.