Bank Fraud: Elderly Woman Duped of ₹2.3 Crore in Odisha by Relationship Manager
In a shocking case of financial fraud & Bank Fraud, the Odisha Crime Branch has arrested a bank official accused of duping an elderly woman of ₹2.3 crore in Cuttack city. The accused, identified as 39-year-old Khirod Kumar Nayak, served as the Relationship Manager at the Badambadi branch of Axis Bank.
The victim of this Bank Fraud, an account holder at the private sector bank, relied heavily on Nayak for her banking needs due to limited knowledge of banking services. Nayak routinely visited her home, providing quarterly account statements using her mobile phone.
Recently, Nayak persuaded the woman to transfer her savings into fixed deposits, claiming it would yield higher returns. During the process, he obtained her signatures multiple times under the guise of formalities.
Discovery of the Bank Fraud
The fraud came to light when the bank informed the woman that funds from her account had been transferred to one Sumitra Khuntia. An investigation revealed that ₹2.3 crore had been withdrawn from her fixed deposit account without her knowledge. Further inquiries disclosed that her registered mobile number had been changed without her consent.
The victim filed a complaint with the Cybercrime Police Station of the Crime Branch, which registered a case under relevant sections of the IPC and the Information Technology Act, 2000.
Investigation and Arrest
The Crime Branch’s cybercrime unit identified Nayak as the primary suspect. During his arrest, investigators recovered a significant amount of evidence, including 32 ATM cards, five passbooks, 37 cheque books, two mobile phones, SIM cards, and a laptop.
Misuse of Funds Uncovered
Investigators discovered that Nayak used ₹1 crore from the siphoned funds to purchase insurance policies for acquaintances. The investigation into the remaining amount and any potential accomplices is ongoing.
This case underscores the vulnerability of senior citizens to financial exploitation and the need for stricter safeguards within the banking system. Authorities have urged the public to remain vigilant about financial transactions and regularly verify account details.
The Odisha Crime Branch continues to investigate the case, aiming to ensure justice for the victim and accountability for the accused.
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