Bank Manager Among Four Arrested in Rs 12.51 Crore Fraud Case
A major financial fraud involving Rs 12.51 crore has come to light in Bengaluru, with four individuals, including a private bank manager, arrested for their alleged involvement. The case was reported by the director of Dream Plug Pay Tech Solutions Private Limited (CRED), who alerted the police in November about suspicious transactions from the company’s accounts.
The accounts in question were maintained at the Indiranagar branch of Axis Bank in Bengaluru. According to the company, unauthorized access to email addresses and contact numbers associated with these accounts enabled the fraudulent transfers.
Data Theft and Forgery Facilitated the Fraud
Investigations by the Bengaluru East Cyber, Economic, and Narcotics (CEN) police revealed that the accused gained access to sensitive company data and used it to forge corporate internet banking (CIB) forms. By duplicating signatures and seals, the culprits managed to siphon Rs 12.51 crore into 17 different bank accounts located in Gujarat and Rajasthan.
City Police Commissioner B Dayananda explained that the accused manipulated the phone number and email ID linked to the company’s Axis Bank account to execute the fraudulent transactions.
Arrests and Partial Recovery of Funds
Among those arrested is a manager of Axis Bank in Gujarat, highlighting the involvement of insiders in the operation. So far, police have frozen Rs 55 lakh transferred to the fraudulent accounts and recovered Rs 1,28,48,500 from the accused, along with two mobile phones used in the crime.
The Commissioner added that efforts are underway to trace additional suspects who are believed to be involved in the fraud.
A Widening Investigation
The arrest of the Axis Bank manager underscores the severity of the case, as well as the need for enhanced security measures in corporate banking. The police are continuing their investigation to identify and apprehend other individuals connected to the crime.
This incident raises pressing concerns about data security and the vulnerability of banking systems to insider threats. For Dream Plug Pay Tech Solutions and other businesses, the case serves as a cautionary tale about the importance of monitoring sensitive financial information.
As authorities work to resolve the case, the recovery of stolen funds remains a priority, with police urging corporations to remain vigilant against similar schemes.
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