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

The Criminal Investigation Department of Odisha Crime Branch on Saturday arrested the Relationship Manager of Axis Bank in Cuttack branch on the charges of committing fraud to the tune of Rs 2.3 crore. The accused has been identified as Khirod Nayak.

Nayak was arrested based on the complaint filed by a woman senior citizen who had a saving, current, and OD accounts in the Badambadi branch of Axis Bank. After the death of the husband of the senior citizen, the Bank assigned Nayak, as her Relationship Manager since she was not much aware of any of the banking investment processes. 

The Crime Branch officials informed that Nayak regularly visited her residence (as a privileged account holder) and used her mobile phone to provide quarterly bank account statements.

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At the request of Nayak, the customer diverted the saving accounts money to a fixed deposit to get more returns and for that purpose, he obtained several signatures from her. The victim later came to know about an OD loan and transfer of the amount to one Sumitra Khuntia’s account only when she was intimated by the loan department of the bank.

On inquiry with the bank, she found around Rs. 2.3 Crores had been withdrawn from her fixed deposit account and several transactions were made from her account to the account of a complete stranger.

From the bank details and other documents collected during the investigation, the Cyber Crime Unit of the Crime Branch identified the prime accused and arrested Khirod Kumar Nayak (39), Samanta Sahi, Buxibazar, Cuttack, Relationship Manager of AXIS Bank.

During interrogation, it was ascertained that the accused has been a bank employee for the last 20 years and has been working with Axis Bank for the last six years. He developed good relationships with customers and gained their confidence in due course. Using the same, he has also opened some savings accounts to siphon off the cheated money.

"The accused took control of the access to the accounts by changing the registered mobile number, which was seized from his possession. From the account of the complainant, he transferred the amount to Sumitra Khuntia’s account in HDFC, and then from there it was transferred to his other accounts. On verification, it has been ascertained that approximately Rs. 1 crore has been utilised by the accused for buying insurance policies in the name of people who are under his confidence," an official release read.