Beware of KYC update fraud! Bhubaneswar man duped of Rs 4.1 Lakh

A Bhubaneswar man has fallen victim to a KYC update scam, losing Rs 4.1 lakh after trusting a fraudster posing as a digital payment system official. The incident highlights the growing risks of digital fraud and the need for increased vigilance.

Beware of KYC update fraud! Bhubaneswar man duped of Rs 4.1 Lakh

Victim bus ticket counter owner Prashant

time

A fraud case in Bhubaneswar has shed light on the vulnerabilities associated with digital payment systems. Allegedly, the owner of a bus ticket counter fell prey to a sophisticated move of a trickster, police sources said on Monday.

Prashant Mahapatra, who hails from Brahmanakhanda village under Sadar Police limits of Cuttack district, has been operating his ticket counter for several years at Vani Vihar locality of the State Capital.

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The trouble began when a young man appeared at Prashant’s ticket counter claiming to be performing Know Your Customer (KYC) updates on the digital payment system.

Trusting the pretext, Prashant handed over the necessary documents to the accused youth. The fraudster, displaying remarkable ingenuity, utilised Prashant's bank details to secure a loan amounting to Rs 3.5 Lakh and also transferred Rs 60,000 to his own account.

Realising his mistake, Prashant reported the incident to the local police, lodging complaints at both the Sahid Nagar Police Station and the cybercrime unit. As of now, the police are yet to release any public statement regarding the progress of the probe.

This incident underscores the need for increased awareness and caution when dealing with digital payment updates, encouraging others to be vigilant against similar scams.

“Payment gateway companies often visit my place to update and take OTPs from me. A youth came to me and asked to update the account. Later, I gave him my Aadhaar Card and PAN card. He told me that excess payments will be refunded to me and my account will be closed if my KYC will not be updated,” the victim Prashant said to OTV.

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“The youth (accused) was working in a private payment gateway company and he is not in the job. He was removed for his alleged behaviour. I came to learn about this after visiting the company office in Bhubaneswar,” Prashant further said.

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