Bank Mitra Arrested in Lucknow for Massive Rs 2 Crore FD Scam
Police in Lucknow have made a significant arrest in connection with a fixed deposit fraud amounting to approximately Rs 2 crore. The case centers on a banking correspondent, commonly known as a 'bank mitra', who operated from a branch located inside a state university campus in the Para area.
Arrests and Investigation Details
On Monday, Para police took into custody Shiva Rao, the bank mitra who had been posted at the branch since 2015. They also arrested his accomplice, Deepak Kumar. Rao, originally from Telangana but residing in Rajajipuram, had built a strong reputation among customers over nearly a decade. He used this trust to siphon off lakhs of rupees by issuing forged fixed deposit receipts.
During searches conducted by the police, authorities recovered Rs 2.38 lakh in cash, two mobile phones, and a set of keys belonging to the bank branch. Inspector Suresh Kumar Singh provided further details, explaining that Rao created fake FD certificates using equipment at his home.
"He used a laptop, printer, and scanner to fabricate the documents," Singh stated. "He then affixed forged bank seals and signatures to make them appear legitimate."
How the Fraud Unfolded
The scam came to light on January 12 when a group of customers confronted Rao about discrepancies in their accounts. This led to a joint complaint filed by 24 individuals, including 17 women, resulting in the registration of a First Information Report (FIR).
Ram Singh Yadav of Salempur Pataura was the primary complainant in the FIR. According to the report, Rs 8.6 lakh was fraudulently withdrawn from his savings account using forged vouchers. Additionally, a fake fixed deposit worth Rs 10 lakh was issued in his name. Another Rs 10 lakh was allegedly deposited and withdrawn in the name of a third person without that individual's consent.
Funds Diverted to Share Market
During interrogation, Rao admitted to diverting a portion of the embezzled money into share market investments. He hoped to generate higher returns from these investments, according to Inspector Singh. This revelation adds a complex layer to the fraud, linking it to financial markets.
Probe Widens to Include Bank Officials
Investigators have now expanded their inquiry to examine the possible role of bank officials. The police are scrutinizing whether there was collusion or negligence on the part of staff posted at the branch over the past several years.
DCP Vishwajeet Srivastava of the west zone emphasized that action would be taken against all those found involved. "Account records and FD documents are being thoroughly examined," he said. "We are working to recover the money and return it to the complainants."
The case highlights vulnerabilities in banking operations, particularly involving trusted intermediaries like bank mitras. Authorities continue their efforts to unravel the full extent of the fraud and ensure justice for the affected customers.
