Bank Employee Steals Funds From Several Accounts To Invest In Stock Market, Held In Ghaziabad For Embezzling ₹65 Lakh

(MENAFN- Live Mint) Ghaziabad: Police in the Ghaziabad district of Uttar Pradesh have arrested an employee of Punjab and Sind Bank on charges of embezzlement, involving the misappropriation of approximately ₹65 lakh from several customer accounts.

The accused, identified as 29-year-old Somil Tiwari, allegedly utilized the stolen funds for trading in the stock market, police said on Saturday.

The investigation was initiated following a formal complaint filed on November 21 by Himanshu Gupta, the Branch Manager of Punjab and Sind Bank. The large-scale fraud was initially uncovered after a customer reported a bounced cheque, which triggered a closer review by senior bank officials.

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Assistant Commissioner of Police (ACP) of Modinagar Amit Saxena told the agency that Tiwari had "used customers' investment funds for share trading, incurring heavy losses, which he attempted to cover by withdrawing money from the accounts."

During police interrogation, Tiwari confessed to the crime. He admitted to deliberately targeting customer accounts that exhibited minimal activity. His method involved creating fictitious bank accounts and subsequently draining the targeted accounts through fraudulent Real-Time Gross Settlement (RTGS) transfers and the misuse of cheques.

Tiwari has been formally arrested, and the police stated that further investigation into the full extent of the fraudulent activities remains underway.

Delhi Police uncovers forex scam with Dubai link

In November, the Delhi Police arrested three people, including a sales manager of a private bank, over alleged links with an interstate syndicate involved in large-scale forex trading scam operated by Dubai-based handlers, as reported by news agency PTI.

According to the police, the accused were identified as Anurag Kumar, a mule-account provider; Zeeshan Syed, sales manager at a private bank; and Himanshu Gupta, a key handler with past involvement in cheating and forgery. They were allegedly part of a network that created shell companies and opened multiple mule current accounts to layer and launder the proceeds of investment frauds.

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The gang lured victims through social media groups, using manipulated dashboards to display fictitious forex trading profits.

Manipulated by the fake returns, victims were induced to deposit money repeatedly, which was then routed through a layered network of accounts created under entities such as "Rebootz Sync Professionals Pvt Ltd" and "ThinkSync Professionals Pvt Ltd", the police said.

They further said the entire banking kits of these companies - including ATM cards, cheque books, SIM cards linked to the accounts, and net-banking credentials - were handed over to cybercriminals operating from Dubai. A handler identified as Abdul, alias Vickey, is currently under the scanner.

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