Bank Manager Held for Stealing Data and Scamming Company of Rs 12.51 Crore
In a major case of financial fraud, four individuals, including a manager at a private bank, were arrested for allegedly stealing sensitive data from a company and defrauding it of Rs 12.51 crore. The incident came to light after the director of Dream Plug Pay Tech Solutions Private Limited (CRED) approached the police in November, reporting a significant siphoning of funds from the company’s accounts.
In a major case of financial fraud, four individuals, including a manager at a private bank, were arrested for allegedly stealing sensitive data from a company and defrauding it of Rs 12.51 crore. The incident came to light after the director of Dream Plug Pay Tech Solutions Private Limited (CRED) approached the police in November, reporting a significant siphoning of funds from the company’s accounts.
The police investigation revealed that the company’s nodal and current accounts were maintained at the Indiranagar branch of Axis Bank in Bengaluru. The company’s director alleged that unknown individuals had gained unauthorized access to the email addresses and contact numbers associated with these accounts, paving the way for the fraudulent transactions.
The accused, who included the Axis Bank manager, used this sensitive data to forge corporate Internet banking forms, duplicate signatures, and seals. This enabled them to transfer Rs 12.51 crore from CRED’s accounts to 17 different bank accounts in Gujarat and Rajasthan. The stolen money was funneled to accounts in multiple locations, making it difficult to trace the fraudulent activity.
City Police Commissioner B Dayananda confirmed that the accused used the compromised phone number and email linked to the company’s Axis Bank account to create fake banking forms and authorize the transfers. He also stated that during the investigation, police managed to freeze Rs 55 lakh that had been transferred to the 17 bank accounts.
The police recovered Rs 1,28,48,500 from the accused, along with two mobile phones used in the scheme. Further arrests are anticipated as the police continue to investigate the case and identify more individuals involved in the fraud.
In response to the fraud, the police have intensified efforts to locate additional suspects. The ongoing investigation seeks to uncover how many more people were involved in this sophisticated data theft and financial fraud operation.
Sources By Agencies
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