Axis Bank Manager, 3 Others Held For Siphoning Over ₹12 Crore From Bengaluru-Based Firm
Date
12/29/2024 6:18:44 AM
(MENAFN- Live Mint) The Karnataka Police on 28 December arrested an Axis bank relationship manager and three others in Gujarat's Rajkot while probing an interstate cybercrime and financial fraud following the four allegedly siphoned over ₹12 crore from Bengaluru-based Dreamplug Paytech Solutions Pvt Ltd – the operator of Cred, reported Times of India.
According to the report, the accused are relationship manager Vaibhav Pithadiya (29), Surat's banking agent Parmer Neha Ben Vipulbhai (26), insurance agent Shailesh (29), and Rajkot's commission agent Shubham (26).
The Bengaluru East CEN police (Cybercrime, Economic Offences, Narcotics) apprehended the suspects and seized ₹1.83 crore in cash, two mobile phones, and a fake Corporate Internet Banking (CIB) form, according to Bengaluru Police Commissioner B Dayanand.
About the case:
Earlier on 12 November, the fraud came to light when executives from Dreamplug identified suspicious transactions in their firm's accounts. After the probe, it was revealed over 14 days between 29 October to 11 November, about ₹12.2 crore was siphoned off from two Axis Bank accounts.
The report added that the accused gained unauthorised access of the firm's bank accounts by manipulating details. To change registered mobile numbers and email addresses, the accused even submitted forged documents including fake board resolutions and signatures. The Axis Bank approved these changes, following which the fraudsters intercepted OTPs and 37 fraudulent transactions.
The Bengaluru-based firm stated, as reported by the TOI, that the fraudulent activity was facilitated by requests submitted at the Axis Bank branches in Surat's Ankhleshwar on 22 July and Abrama on 12 October. These requests bypassed security scrutiny despite the firm's operation from Bengaluru.
The firm's executives even added that the accused tried to siphon ₹15.2 crore, but only managed to take ₹12.2 crore.
After the money was siphoned, it was dispersed into multiple accounts nationwide. Meanwhile, the police are working to trace the diverted funds and probing lapses in Axis Bank's verification process.
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