HSBC Bank Duped in Multi-Crore Credit Card Fraud

A sophisticated credit card fraud involving Rs 1.26 crore was uncovered by HSBC Bank, involving 38 cards issued without proper verification. The crime, detected through card usage analysis, involved forged documents and apparent applications from Assam, affecting cities like Mumbai and Delhi. A probe is ongoing.

HSBC Bank has fallen victim to a massive credit card fraud scheme, losing Rs 1.26 crore. The alleged scam involved the issuance of 38 credit cards without adequate document verification, police revealed on Wednesday.

The fraud was brought to light when the bank's financial crime investigation vice-president reported the issue to Azad Maidan police station. Investigations showed that the bank detected the irregularities during a routine analysis of card usage and payment patterns.

It was discovered that the credit cards were issued via an online platform using forged ID documents. The fraudsters, exploiting a loophole, maxed out the cards' limits within the first month, despite providing insufficient address details. The ongoing investigation under the Indian Penal Code and Information Technology Act aims to uncover the identities of the culprits.

(With inputs from agencies.)