<p>Bengaluru: Mumbai-headquartered Union Bank of India on Thursday said it has filed a formal complaint with the CBI in connection with embezzlement of public money involving its MG Road branch. </p><p>In a release, the Bank stated that it has placed under suspension three officials. </p><p>The Karnataka Maharshi Valmiki ST Development Corporation Ltd has filed an FIR against top Union Bank of India officials over embezzlement of Rs 88 crore. </p>.Karnataka minister Nagendra confirms Rs 87 cr scam in state-run corporation, but refuses to resign. <p>"The Bank is cognizant of the alleged fraudulent transactions in the accounts of the Corporation which happened at our MG Road branch," the release stated. "The Bank has promptly declared the transactions in question as fraudulent when the irregularities came to light," it stated. </p><p>The Bank said it has lodged a complained with the CBI "to ensure a thorough investigation and swift identification of the culprits". </p><p>The Bank said it is "committed to upholding the highest standards of integrity and transparency". The Bank also stated that it is "fully cooperating with the authorities to resolve this matter justly and expeditiously". </p>
<p>Bengaluru: Mumbai-headquartered Union Bank of India on Thursday said it has filed a formal complaint with the CBI in connection with embezzlement of public money involving its MG Road branch. </p><p>In a release, the Bank stated that it has placed under suspension three officials. </p><p>The Karnataka Maharshi Valmiki ST Development Corporation Ltd has filed an FIR against top Union Bank of India officials over embezzlement of Rs 88 crore. </p>.Karnataka minister Nagendra confirms Rs 87 cr scam in state-run corporation, but refuses to resign. <p>"The Bank is cognizant of the alleged fraudulent transactions in the accounts of the Corporation which happened at our MG Road branch," the release stated. "The Bank has promptly declared the transactions in question as fraudulent when the irregularities came to light," it stated. </p><p>The Bank said it has lodged a complained with the CBI "to ensure a thorough investigation and swift identification of the culprits". </p><p>The Bank said it is "committed to upholding the highest standards of integrity and transparency". The Bank also stated that it is "fully cooperating with the authorities to resolve this matter justly and expeditiously". </p>
