Indian Termites Ate US$200,000

Added by Tania Sullivan on April 24, 2011

Police is investigating a case of US$200,000 in rupee notes gone missing, allegedly falling victim to hungry termites at the State Bank of India.

 

The Telegraph newspaper reports that while the missing money initially was covered up by local officials, the loss was discovered when a new manager started in his position at the bank, located in Barabanki district, Uttar Pradesh.

It is said that officials at the Indian bank found the notes, or what was left of them, reduced to dust in one of the bank’s currency chests. Police and senior officials have been called in to investigate.

At present, no foul play is suspected.

Instead, State Bank of India spokesman Geeta Tripathi, said it looked more like the money had been eaten. It was also reported that the bank had been struggling with a termite infestation.

“We have been trying our best to keep currency notes safe but the termite problem here is so enormous that it would be better to move the branch elsewhere,” Sunil Dwivedi, the bank’s branch manager said.

While the current estimation is that the loss concerns some US$200,000 in rupee notes, there are fears that it could be higher, as the currency chest typically holds around US$9 million.