Axis Bank relationship manager held for over Rs 12 crore fraud

Four individuals, including an Axis Bank manager from Gujarat, have been arrested on Sunday by the Bengaluru police for allegedly siphoning off Rs 12.51 crore from Dream Plug Pay Tech Solutions Private Limited (CRED).

As per PTI reports, the incident was uncovered following a complaint lodged by CRED, whose nodal and current accounts are held at Axis Bank's Indiranagar branch in Bengaluru.

The suspects gained unauthorized access to phone numbers and email IDs linked to the company's bank account. Investigations revealed that the accused had stolen sensitive company data, forged Corporate Internet Banking (CIB) forms, and duplicated signatures and seals.

Utilizing these fake documents, they transferred Rs 12.51 crore to 17 different bank accounts in Gujarat and Rajasthan.

The alleged mastermind behind the fraud was identified as Vaibhav Pitadiya, a relationship manager at Axis Bank in Gujarat. He reportedly orchestrated the scheme with the help of Neha Ben, who impersonated CRED's managing director using forged documents.

ALSO READ: Axis Bank relationship manager held for Rs 2.3 crore fraud in Odisha's Cuttack

To carry out the fraud, they submitted fake CIB forms at Axis Bank's Ankleshwar branch, which allowed them to update the email and phone details linked to CRED's account and initiate fraudulent transactions.

The incident came to light on November 13 during a bank account tallying exercise by CRED, which revealed 17 unauthorized transactions between October 29 and November 11. A complaint was subsequently filed with the East CEN Crime Police Station in Bengaluru on November 15.

ALSO READ: 8-fold surge in bank fraud cases at Rs 21,367 crore in 1st half this fiscal: RBI

The police have so far arrested four individuals, including Pitadiya, recovered Rs 1.28 crore in cash, two mobile phones, and frozen Rs 55 lakh transferred to various accounts.

(With PTI inputs)