Banking Scandal: Axis Bank Employee and Three Others Arrested for ₹12 Crore Fraud

Bengaluru (The Uttam Hindu): Four individuals including a manager of a private bank have been arrested for allegedly siphoning ₹12.51 crore by stealing sensitive company data Bengaluru police said on Saturday.

The case surfaced when the director of Dream Plug Pay Tech Solutions Private Limited (CRED) filed a complaint in November reporting the unauthorized transfer of ₹12.51 crore from the company’s accounts. The company’s nodal and current accounts were maintained at the Indiranagar branch of Axis Bank in Bengaluru. According to the police, the accused gained access to email addresses and contact numbers linked to these accounts enabling the fraudulent activity.

The investigation revealed that the perpetrators stole company data forged Corporate Internet Banking (CIB) forms and duplicated signatures and seals to facilitate fund transfers. The money was dispersed across 17 accounts in Gujarat and Rajasthan. Bengaluru City Police Commissioner B Dayananda stated that the accused exploited contact details associated with the Axis Bank accounts to fake corporate banking forms and seals allowing the fraudulent transactions.

The Bengaluru East Cyber, Economic and Narcotics (CEN) police arrested the suspects including the Axis Bank manager in Gujarat. Authorities have frozen ₹55 lakh transferred to the 17 accounts and recovered ₹1.28 crore in cash, along with two mobile phones. Efforts are underway to apprehend other suspects involved in the scam.