The duo, identified as Sridhar Madla (22) and Rajesh Prasad (24), had allegedly opened a bank account by using forged identification documents, they said.
Sridhar was working in the despatch section of a private insurance company for more than a year and one day he came across a cheque of Rs 22 Lakh in the name of Mukesh Agarwal, a businessman from Rajgangpur in Sundergarh district.
Instead of returning the cheque to Agarwal he kept it to himself and plotted a conspiracy along with his friend Rajesh to open an account in Bank of Maharastra in the name of Agarwal to deposit the check.
They managed to open an account and successfully deposited the cheque. After a few days they went to the bank to withdraw Rs 7 lack from the account, police said.
The modus of handling their account created suspicion in the manager of the bank, Avinash Kumar, who informed the officials of ICICI Prudential. As the amount had to be paid by ICICI Prudential they immediately took up the matter and began an inquiry.
During investigation Sridhar was caught and the withdrawn money recovered. Following a complaint by the bank manager at Uditnagar police station, Sridhar and Rajesh were arrested on Satudray night.
