Former SBS GM arrested by Vigilance Police in alleged embezzlement, DA case

GANGTOK,: Sikkim Vigilance Police has arrested a former general manager of State Bank of Sikkim (SBS) for disproportionate assets amassed allegedly through corrupt practices while working as the SBS general manager during the 2022-24 period. Enforcement Directorate has also provisionally attached several assets worth crores of rupees of the accused person in form of immovable properties.

As per a media statement by the Sikkim Vigilance Police on Wednesday, the accused former SBS general manager was arrested on September 28 while searches were conducted at multiple residences in and around Gangtok and Siliguri in connection to an ongoing investigation into a disproportionate assets case.

The properties searched, belonging to the accused in the case were identified on the basis of credible intelligence and discreet enquiries, are suspected to have been acquired from the funds embezzled by him during the period of his office, said the Sikkim Vigilance Police.

During the search operation, several incriminating documents relating to his assets and other properties were seized which indicate the suspected use of proceeds of crime for the acquisition of these properties, said the police.

It was informed that the Sikkim Vigilance Police initiated the investigation after a FIR was registered against the former SBS official. It was alleged the accused and his family had acquired assets which are grossly disproportionate to his known sources of income, and for which he would not satisfactorily account for.

“Initial investigation has revealed that the accused public servant, while functioning as General Manager of the State Bank of Sikkim during the period 2022-2024, allegedly indulged in widespread corrupt practices, deceived bank customers and beneficiaries, and siphoned off crores of rupees through illegal means,” said the Sikkim Vigilance Police.

As per the police, the accused former SBS official used the embezzled funds to purchase several buildings and plots of land in his name and his wife’s name.

Further investigation is underway by the Sikkim Vigilance Police to ascertain and quantify the assets involved and to initiate appropriate proceedings for attachment of the identified properties under the applicable provisions of law.

Earlier, based on another FIR registered by the Sikkim Vigilance Police against the same accused former SBS official, the Enforcement Directorate has provisionally attached several assets worth crores of rupees in form of immovable properties related to him.

“It is pertinent to recall that the SVP had, in the past, registered multiple FIRS to expose a deep-rooted and systemic network of corruption involving several officials of the State Bank of Sikkim (SBS) across its various branches. These investigations have brought to light allegations of deliberate abuse of official position and illicit enrichment by certain officials. The officials suspected of having amassed assets through illegal means are presently under investigation, and further action will follow on the basis of the evidence unearthed during the course of investigation,” said the Sikkim Vigilance Police.