Sri Vijaya Puram, June 30: The Crime & Economic Offences Unit of the Criminal Investigation Department (CID) has registered a First Information Report (FIR) against two employees of a cash logistics firm following allegations that more than ₹1.26 crore entrusted for replenishing Automated Teller Machines (ATMs) and Cash Recycling Machines (CRMs) of Axis Bank and ICICI Bank across South Andaman was misappropriated over several months.
The FIR was registered on June 27 on the basis of a complaint lodged by Raj Kumar Mitra, Manager (Banking) and authorised representative of SIB Services Private Limited, a cash management and logistics company engaged by Axis Bank and ICICI Bank to transport and replenish cash in ATMs and Cash Recycling Machines. The investigation has been entrusted to Sub-Inspector Parvesh of the Crime & Economic Offences Unit.
Police have invoked multiple provisions of the Bharatiya Nyaya Sanhita relating to criminal breach of trust, cheating, forgery and criminal conspiracy.
According to the complaint, the two accused, Aasif Karim of Mithakhari, Ograbraj, and Vishal Kumar of Manglutan, were employed as cash custodians with SIB Services and were responsible for transporting, accounting for and depositing cash into designated Axis Bank and ICICI Bank ATMs and Cash Recycling Machines across South Andaman.
The complaint states that the accused handled cash-loading operations at multiple locations, including two Axis Bank ATMs and Cash Recycling Machines at Middle Point, Axis Bank ATMs at Nayagaon, Bathubasti and Bambooflat, and the ICICI Bank Cash Recycling Machine at Middle Point.
The alleged fraud came to light after discrepancies were noticed during cash operations on June 17. According to the complaint, both employees subsequently submitted self-declarations allegedly admitting to stealing nearly ₹90 lakh. The company thereafter initiated a detailed audit on June 19 to reconcile cash records.
The audit allegedly uncovered discrepancies spanning several months. According to the complaint, substantial amounts of cash entrusted to the accused for ATM and CRM replenishment were never deposited into the designated machines and were instead dishonestly retained and misappropriated.
The company has further alleged that when confronted with the audit findings on June 19, both accused executed written statements acknowledging that they had retained and misappropriated entrusted cash amounting to ₹1,18,88,000.
The complaint also alleges manipulation of official records to conceal the shortages. It claims that a forged voucher dated June 12, 2026, was allegedly used in connection with an Axis Bank Cash Recycling Machine at Port Blair. According to the company, a voucher showing a deposit of ₹41.28 lakh was substituted for the actual deposit of ₹33.78 lakh, allegedly masking a shortfall of ₹7.50 lakh.
Overall, SIB Services has alleged that the acts caused it a wrongful financial loss of approximately ₹1,26,38,000 while conferring a corresponding wrongful gain on the accused through criminal breach of trust and dishonest misappropriation of entrusted funds.
The complaint further alleges that the suspected fraud was not an isolated incident but was systematically carried out over nearly a year across multiple ATM and banking locations. It contends that the alleged manipulation of cash movement and deposit records compromised the integrity of banking cash management operations and exposed the concerned banks to operational risk.
In its complaint, the company requested the CID to arrest the accused in accordance with law, recover the allegedly misappropriated funds, identify and investigate any other persons involved in the alleged conspiracy, secure documentary and electronic evidence, freeze the proceeds of crime wherever necessary and initiate appropriate legal action.
Based on the complaint, the Crime & Economic Offences Unit has registered the FIR and commenced investigation. Police said the allegations are under investigation and that further legal action, if any, will depend on the outcome of the CID enquiry.
The allegations contained in the FIR have not been tested in court. The Wave Andaman reached out to SIB Services Private Limited for its response. Any response received will be incorporated into this report.
