State Bank of Sikkim

1. Sikkimey Nagarik Samaj uncovered a Rs. 69 crore financial scam at the State Bank of Sikkim.
2. Unauthorized transactions were involved, amounting to Rs. 69 crore.
3. The scam was revealed after an internal audit on March 31, 2024.

Gangtok, May 22: Sikkimey Nagarik Samaj has uncovered a significant financial scam at the State Bank of Sikkim (SBS), involving unauthorized transactions amounting to Rs. 69 crore.

This revelation came to light following an internal audit conducted on March 31, 2024, which identified the fraudulent activities.

However, despite the audit’s findings, it took the bank nearly three months to register a First Information Report (FIR), highlighting severe negligence by the responsible officials.

The scam has caused widespread concern among customers and stakeholders, especially pension holders, due to the potential impact on their savings.

The names of three subordinates from SBS have surfaced on social media as suspects, but there is suspicion that more individuals from within the bank might be involved, suggesting a broader criminal conspiracy.

This is not the first incident of misconduct at SBS. In 2011, a bank official at Rabongla was accused of embezzling interest money from account holders, which only came to light following complaints from the affected customers.

The recurrence of such incidents has raised serious questions about the bank’s internal controls and accountability.

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In response to the recent scam, the Managing Director of SBS downplayed the situation, referring to it as “a very small issue,” which has further aggravated public concern.

This dismissive attitude has sparked outrage among the public and stakeholders, who feel that the seriousness of the scam is being undermined.

Sikkimey Nagarik Samaj has called for a comprehensive and impartial investigation into the fraud.

They are urging SBS to initiate legal proceedings against all loan defaulters and enhance transparency in its operations. The organization also emphasized the need for SBS to review and strengthen its internal security protocols to prevent future incidents.

They suggested regular audits and stricter adherence to standardized procedures as essential measures to safeguard the bank’s integrity.

Furthermore, Sikkimey Nagarik Samaj has requested clarity from the bank’s board of directors regarding any actions taken in response to the scam.

They have raised questions about the bank’s financial sustainability, particularly concerning loan interests deducted from government employees’ salaries.

The organization insists that the bank must ensure its operations are financially sound and transparent to regain the trust of its customers.

The public demands that SBS and the investigating agencies act without political bias to safeguard the interests of the Sikkimese people.

There is a strong call for accountability and justice, with many urging the authorities to hold all those involved in the scam accountable, regardless of their position or influence.

In conclusion, the uncovering of the Rs. 69 crore scam at the State Bank of Sikkim has exposed significant flaws in the bank’s internal controls and accountability mechanisms.

The delay in registering an FIR has highlighted negligence by the bank’s officials, further eroding public trust.

Sikkimey Nagarik Samaj’s call for a thorough investigation and strengthened security protocols underscores the urgent need for reforms within the bank to prevent future incidents and restore confidence among its customers.