UP Police Economic Offences Wing Nabs Four in Major Banking Fraud Case
The Economic Offences Wing (EOW) of the Uttar Pradesh Police has made significant progress in a high-profile banking fraud case, arresting four individuals on Wednesday in connection with a sophisticated scam involving approximately Rs 1.42 crore. The fraudulent activities were centered at the Bank of India's Maharajpur branch located in Kanpur Nagar, where the accused allegedly manipulated fixed deposits and savings accounts for illicit gains.
Details of the Fraudulent Scheme
Investigations have revealed that the fraud involved the premature encashment of fixed deposits, a serious financial crime that undermines banking security. The case specifically pertains to suspicious transactions across 25 fixed deposits and 15 savings accounts belonging to various customers. Through these manipulated accounts, a substantial amount of Rs 1.42 crore was systematically siphoned off, causing significant financial loss to both the bank and its customers.
The modus operandi involved collusion between the arrested individuals and certain bank staff members, along with other associates. Working together, they allegedly broke multiple fixed deposits before their maturity dates and illegally transferred the funds into personal accounts controlled by the accused. This coordinated effort allowed them to bypass normal banking safeguards and authorization processes.
Arrested Individuals and Ongoing Investigation
Those taken into custody by the EOW have been identified as:
- Brijmohan Gupta
- Mulayam Singh Yadav
- Kiran Devi
- Renu Gupta
The case originally came to light when a First Information Report (FIR) was registered at the Maharajpur police station against a total of 11 accused persons. This list included several bank employees suspected of involvement in the fraudulent activities. Recognizing the complexity and financial magnitude of the case, the Uttar Pradesh government subsequently ordered the investigation to be transferred to the Economic Offences Wing's Kanpur sector for specialized handling.
The EOW's intervention marks a crucial step in unraveling this elaborate banking fraud, which has exposed vulnerabilities in fixed deposit security protocols. Authorities continue to investigate the full extent of the conspiracy and are pursuing additional suspects named in the original FIR. This case highlights the ongoing challenges financial institutions face in preventing internal collusion and safeguarding customer deposits against sophisticated fraud schemes.
