Axis Bank Manager, and 3 others arrested for Siphoning ₹12 crores.

Axis Bank Manager and 3 Others Arrested for Siphoning ₹12 Crores

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: December 30, 2024

Summary: Four individuals, including a bank manager, were detained by Bengaluru Police on suspicion of stealing Rs 12.51 crores.

The Karnataka Police detained an Axis Bank relationship manager and three others on December 28 in Rajkot, Gujarat, as part of their investigation into interstate financial fraud and cybercrime. The four are accused of siphoning more than ₹12 crore from Dreamplug Paytech Solutions Pvt Ltd, the Cred operator based in Bengaluru.

The report identifies the defendants as Rajkot's commission agent Shubham (26), Surat's banking agent Parmer Neha Ben Vipulbhai (26), insurance agent Shailesh (29), and relationship manager Vaibhav Pithadiya (29).

The issue was brought to light in November when the Dream Plug Pay Tech Solutions Private Limited (CRED) director reported to the authorities that Rs 12.51 crore had been stolen from the company's books.

The director informed the police that the company's current and nodal bank accounts were with the Axis Bank branch in Indiranagar, Bengaluru, and that unidentified individuals had compromised the email addresses and phone numbers linked to these accounts.

According to the investigation, the accused transferred Rs 12.51 crore to 17 distinct bank accounts in Gujarat and Rajasthan by stealing the company's data, falsifying CIB documents, and copying signatures and seals.

Bengaluru East CEN police said, "Rs 55 lakh that was transferred to 17 accounts has been frozen, and Rs 1,28,48,500 has been recovered from the accused along with two mobile phones. More accused are still at large, and the police are working to identify them.”

According to the TOI, the Bengaluru-based company said that requests made at the Axis Bank branches in Ankhleshwar, Surat, on July 22, and Abrama, on October 12, enabled the fraudulent activity. The firm operates from Bengaluru, yet these requests evaded security review.