Agarwal allegedly sent forged telegraphic transfers and remittance to nine accounts with nine different branches of the Dena Bank and managed to embezzle Rs 287.70 lakh, said sources in the CBI.

The fraud was detected by Dena Bank's vigilance officer M A Malshe and the matter handed over to CBI. Among Agarwal's accomplices are Naresh Kumar Chopra alias Bharat P Joshi and other unidentified officials of the bank.

Sources in the CBI revealed the Jaipan Appliances account in Dena Bank's Amli Branch at Silvasa received Rs 3.8 lakh, Rs 9.5 lakh, Rs 75 lakh and Rs 45 lakh by telegraphic transfers from one V Kumar and Company based at Himmatnagar in Gujarat. Agarwal, during examination, said the amount was received for tea coasters from the company.

However, investigations have revealed the invoices andletterheads were forged and the actual delivery of goods had not taken place.

CBI sleuths also learnt that the money was withdrawn in cash from Dena Bank and a major portion of the sum, around Rs 28.5 lakh, was used to settle M/s Jaipan Appliances' credit account with Bank of Baroda's Goregaon (E) branch.

Agarwal (45) has been remanded to judicial custody till October 1 by Additional Chief Metropolitan Magistrate K H Holambe Patil. He has been charged under Sections 420, 467 and 471 of the Indian Penal Code (IPC).

Earlier, Agarwal had move an application for anticipatory bail, which was rejected by a Sessions Court judge on September 18.