Indore Police Unravel Massive Bank Fraud Scheme

Indore police uncovered a bank fraud operation involving current account withdrawals by a gang, including three bank employees. Six individuals were arrested, with goods worth Rs 19.74 lakh recovered. Fraudsters used software to access accounts, amassing a theft totaling Rs 53 lakh, of which significant amounts remain frozen.

Indore police have dismantled a sophisticated gang orchestrating account fraud, stealing from customers' current accounts at a private bank. The operation led to the arrest of six individuals, including three bank employees, authorities announced on Wednesday. Goods worth Rs 19.74 lakh, comprising mobile phones, smartwatches, and playstations, were recovered from the suspects.

Deputy Commissioner of Police (DCP, Indore Zone 2) Abhinay Vishwakarma outlined the investigation. He explained that complaints began surfacing in December 2024, as customers reported unauthorized withdrawals from their bank accounts despite not sharing OTPs or altering passwords. Investigations revealed that certain bank employees changed account passwords and siphoned funds. Swift action by police resulted in the formation of parallel teams, leading to the suspects' capture on Tuesday.

DCP Vishwakarma disclosed the gang's modus operandi, detailing how bank staff members Kamal Kumawat, Abhishek Malviya, and Stanley exploited software to view OTPs, allowing access to accounts for unauthorized purchases. These included e-gold, electronics, and gift cards, with funds redirected to personal accounts. Although goods worth Rs 19.74 lakh were retrieved, the gang defrauded approximately Rs 53 lakh, with frozen accounts still holding illicit gains. Concurrent arrests involved three individuals responsible for acquiring SIM cards to support the financial crimes. The investigation continues. (ANI)

(With inputs from agencies.)