Wednesday, February 24, 2016

Report lodged against bank after RM2.3 million withdrawal from Indian guild’s account

A police report has been lodged against a CIMB bank branch for allegedly allowing withdrawals from the Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) account without the signature of its treasurer. Selangor Indian Chambers of Commerce and Industry president P. Muguntha, who made the report at the Dang Wangi police station two weeks ago, said the treasurer's signature on all cheques was mandatory. He said the MAICCI constitution stated that all withdrawals must have the signatures of the treasurer. Muguntha said other signatories could be either the president or the secretary-general. "However, we discovered that at least RM2.3 million have been withdrawn between 2013 and last year and the signatories to the cheques were the president and secretary-general," he told The Malaysian Insider. MAICCI treasurer during the period was Datuk R. Rajasegaran, who is now deputy president. Businessman Tan Sri Kenneth Eswaran was president while the secretary-general was Datuk M. Davendran, a former state assemblyman in Pahang. Eswaran remains president after his re-election last year.   Muguntha said he would also be filing a complaint today with Bank Negara Malaysia against the bank for the alleged negligence. "I am filing the complaints because the Selangor Indian business guild is a key stakeholder in MAICCI," he said. Last October, Muguntha also accused Eswaran of misappropriating about RM2.3 million, part of which was a government grant disbursed to the guild in 2013 and 2014.  Muguntha, who is now MAICCI assistant secretary-general, lodged a police report at the Sentul police headquarters after discovering all cheques were signed by Eswaran and Devendran. He said so far police have only recorded his statement. Eswaran when contacted at the time said Muguntha's allegations were baseless and unfounded, made by "an unproductive fellow". – February 25, 2016.]]>

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