The zonal manager of North Zone UTI had lodged a complaint with the crime branch stating that unit holders had not received their dividend redemption cheques. It had been found that many of these cheques had been collected by various banks and credited to the account of State Vetan Bhogi Sehkari Rin Samiti (SVSRS), Vetan Bhogi Sehkari Samiti Limited (VSS) and Bharat Vetan Bhogi Sehkari Samiti Limited (BSS). The complaint further stated that in spite of instructions that the cheques could only be encashed by an account payee, and were non-negotiable and non-transferable, these were being encashed by unauthorised persons. An amount of more than Rs 2 crore had been siphoned off through 13 banks.