A former manager of a bank and a private agent were arrested on Monday for illegally withdrawing Rs 5 crore from a fixed deposit account belonging to a labour union named Mathadi Kamgar Association. The accused, identified as Tribhuvan Yadav was earlier working as a manager with a branch of Indian Overseas Bank in Saki Naka and the agent as Mubarak Wahid Patel, the Indian Express reported.

Yadav and Patel had forged the signature of the President of the Cloth Market and Shops Board, under which the labour union works. They then transferred the money into a fake account in a bank’s branch in Bhandup, that was created in the name of the board. During investigations, the police also learned that they forged the receipts of the Board’s fixed deposits, stamps and letterheads.