New Delhi, Oct 29: Delhi Police Bust Bank Fraud Syndicate, with the Central District police arresting two accused for allegedly defrauding bank officials of Rs 22.56 lakh through fraudulent Real-Time Gross Settlement (RTGS) instructions, officials said on Thursday. Assets worth approximately Rs 2.5 crore have also been seized in the present and connected cases.
The seized assets include gold jewellery, 101 gold coins, cash and an SUV. Police said the investigation uncovered a method involving impersonation, forged documents and deceptive email communications to fraudulently obtain transfers from corporate bank accounts.
One of the arrested accused was also found to be a proclaimed offender who had been absconding for more than seven years in a forged currency case, police said.
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Delhi Police Bust Bank Fraud Syndicate: How the Fraud Was Carried Out
The case originated from a complaint filed by the Branch Manager of Bank of India, Rajendra Place, New Delhi. On August 5, a person impersonating Deepak Malhotra, a director associated with multiple corporate entities maintaining accounts at the branch, contacted bank officials.
According to the police, the caller initially discussed creating a Fixed Deposit Receipt (FDR) worth Rs 1 crore to gain the officials’ confidence.
He later contacted them, claiming that the company needed to make a payment but had exhausted its cheque book. He requested that the transaction be processed through email.
The accused sent a forged payment request using an email ID closely resembling the company’s registered address. The email, bearing a forged company letterhead, instructed the bank to transfer Rs 22,56,922 to another account.
When bank officials sought mandatory indemnity documents, the caller pressured them by claiming that similar transactions had been processed earlier and stressing the urgency of the payment. The bank subsequently processed the fraudulent RTGS transfer.
The incident highlights how impersonation and convincing electronic communications can be used to manipulate financial transactions. In this case, the caller allegedly relied on the appearance of legitimacy and the urgency of the requested payment to persuade bank officials to process the transfer.
Police Trace Money Through Digital Evidence
An e-FIR was registered at the Cyber Police Station of Central District under relevant sections of the Bharatiya Nyaya Sanhita (BNS).
During the investigation, police traced the defrauded amount to a mule bank account maintained with Bandhan Bank in West Bengal. Technical analysis of telecom records, digital evidence and communication details helped investigators identify the suspects.
A police team led by Sub-Inspector Kamlesh Kumar arrested the accused, identified as Vinay Kumar Yadav, 36, a resident of Loni in Ghaziabad, Uttar Pradesh, and Anil Kumar Sehgal, 65, a resident of Noida.
Investigators followed the movement of the money and examined the digital trail associated with the alleged transaction. The use of a mule account reportedly helped direct the transferred amount away from the account targeted by the impersonation.
The investigation further revealed that the accused allegedly used forged company letterheads, deceptive email IDs, social engineering and mule accounts to target corporate bank transactions. The money was subsequently diverted into other assets, including gold purchased from a jeweller in West Bengal.
Assets Worth Rs 2.5 Crore Seized
Police said assets worth approximately Rs 2.50 crore, including gold jewellery, 101 gold coins, cash and an SUV, were seized in the present and connected cases.
The seizure forms part of the investigation into the alleged financial fraud and the subsequent movement of the proceeds. Police are examining the connections between the suspected transactions, the assets and the other cases linked to the accused.
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Six Similar Cases Worked Out
Police said both accused had previous criminal involvement in financial fraud cases across several locations, including Ghaziabad, Saharanpur, Ayodhya and Faridabad. They allegedly became acquainted while in jail and had previously been associated with cheque-related frauds involving so-called magic pens.
The arrests have also helped police work out six similar cases registered in Gurugram, Palwal and Delhi, involving fraud amounts ranging from Rs 16.65 lakh to Rs 2.98 crore, along with an attempted fraud of Rs 88 lakh.
The investigation has therefore extended beyond the original complaint, with police linking the accused to several other alleged incidents. The cases involve different reported amounts and locations, while the attempted fraud represents an additional incident in which the intended transaction was not completed.
The Delhi bank fraud syndicate case highlights the alleged use of impersonation, forged documents and digital communication to target corporate banking transactions. Police have seized assets worth approximately Rs 2.5 crore and linked the arrests to six similar cases as the investigation continues.
— IANS
