A company had authorized 2 director's - A & B to operate the current account of the firm. But a third director did large withdrawal from the bank using cash withdrawal form. When the company requested the bank for details of the transacton, the bank replied that cash was withdrawn using a cash withdrawal form. It is mentioned on the form that it was communicated to them that the cheque will be submitted later during the day.
1) Can this act of the third director be considered as fraud and can criminal charges be raised against him ?
2) Can the company file a case against the bank for the refund of this money along with the losses incurred to the company due to this ?
