A 29-year-old man has been detained in Rishikesh for siphoning over Rs 12 lakh from the Uttarakhand Cooperative Bank by diverting customer deposits, in a case reflecting broader trends of financial misconduct within banking institutions.
Rishikesh police have arrested a 29-year-old man accused of siphoning Rs 12.31 lakh from the Uttarakhand Cooperative Bank after taking cash from depositors but failing to hand it over to the lender, according to local police. Deepak Badhai was detained in Uday Bagh, Vikasnagar, after bank officials alleged that he had collected money from several account holders on different dates while working as a daily deposit agent.
Police said the matter surfaced after S.S. Rana, secretary and general manager of UCB, lodged a complaint at the Rishikesh police station on May 24. Investigators registered a case under Section 316(5) of the Bharatiya Nyaya Sanhita after concluding that the missing funds totalled Rs 12,31,458. The allegation is that money meant for customer deposits was instead misappropriated, exposing the bank to a direct financial loss.
The case adds to a wider pattern of internal fraud at financial institutions. In June 2026, the FDIC inspector general said former Mesa Bank employee Brooke McDonough was sentenced to four years in prison after admitting to stealing $655,000, while the Justice Department said in February 2024 that former Eastern International Bank chief financial officer Sammy Sims pleaded guilty to embezzling more than $700,000. Other cases cited by federal authorities, including those involving a former Tennessee bank employee and a Missouri bank officer, show how losses can build when staff with access to customer money abuse their positions.
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