Ghana Commercial Bank (GCB) has denied reports that huge sums of money have been siphoned from its vaults and deposited into private accounts by some individuals.

A statement from the bank says deposits made to them by customers are safe, adding that their vaults are secured.

The statement from GCB is in reaction to earlier reports that huge sums of money have been siphoned from the vaults of the bank with the connivance of its IT department.

Bank officals add that the fraudulent transanctions were not done with the knowledge of the bank's IT department.

According to management of the bank, fraudulent withdrawals were noticed at the counters of some of their branches, but they moved quickly to arrest those involved.

The bank stated that the Economic and Organised Crimes Office (EOCO) and the Ghana Police Service have since been collaborating with it to investigate the incident.

A letter signed by the Executive Director of EOCO dated December 27, 2013 and sent to the Managing Director of GCB, Mr. Simon Dornoo ordered the immediate freezing of the accounts through which the crimes were committed..

The frozen accounts belong to Mr Akato Haizel, Matilda Dankwa Adjoa and two companies - B J Net Company Ltd and Osuaka Ventures.