In the bustling neighborhoods of Para, Buddheshwar, and Kakori in Lucknow, a disturbing banking scandal has shattered the lives of ordinary families who placed their trust in local financial institutions. For Ram Naresh, a humble bicycle repair shop owner from Para, life came to a grinding halt when he discovered his bank account was completely empty. With three daughters and a lifetime of hand-to-mouth earnings, he had painstakingly saved Rs 7.8 lakh over many years, investing it in a fixed deposit intended for his daughters' weddings.
"I saved every single penny by repairing bicycles. That money represented my daughters' future and security," he recounted with despair. Last November, he somehow managed to arrange his elder daughter's wedding by borrowing money from relatives. When he went to withdraw funds for his second daughter's wedding, scheduled for February 18, he received the shock of his life—the fixed deposit no longer existed, and his account balance showed zero. The wedding has been postponed indefinitely, leaving the family in emotional and financial turmoil.
Widespread Financial Devastation Across Communities
Ram Naresh is just one of over 100 victims caught in an alleged banking fraud that has rocked these areas, exposing how trust placed in a local Bank Mitra allegedly turned into financial ruin for hardworking families. Janki, a resident of Salempur Patora, narrated a similar heartbreaking tale. Her father sold ancestral land and transferred Rs 33.35 lakh through RTGS into her bank account about two years ago. Of this amount, Rs 20 lakh was placed in a fixed deposit.
"When I went to withdraw just Rs 6,000 last week, I was informed that only Rs 46,000 remained in the account. There was no withdrawal request, no signature, and no consent from me—yet the money simply vanished," she explained. Repeated visits to the bank yielded only vague and unsatisfactory answers, deepening her frustration and anxiety.
Students and Professionals Among the Victims
The fraud has not spared students and young professionals either. Ranjana Rajput, a former student of Shakuntala Mishra University, had saved Rs 2.5 lakh over several months through diligent effort. "I deposited the money directly at the bank counter and even have receipts as proof. Now, there's only Rs 1,200 left in my account," she revealed, highlighting the breach of trust.
Pharmacy student Karan Yadav expressed deep fears about his scholarship money being the next target. "If even savings accounts are not safe from such frauds, how will students like us survive and pursue our education?" he questioned, pointing to the broader implications for financial security among the youth.
Another victim, Anjali, learned about the fraud through news reports and immediately checked her account, only to find Rs 3.8 lakh missing. "There was no OTP, no alert, nothing to indicate the transaction. It feels like bank staff were involved in this collusion," she alleged, echoing the sentiments of many others affected.
Investigation Uncovers Systematic Siphoning of Funds
Victims allege that large sums from at least 17 accounts were transferred into an account under the name 'Mohan,' with over Rs 1 crore traced so far in this elaborate scheme. In response, police arrested Bank Mitra Shiva Rao and his associate, former security guard Dilip Kumar, on January 19. During the operation, authorities recovered crucial documents and cash, shedding light on the fraudulent activities.
Police investigations indicate that fake fixed deposits were issued from 2020 onwards, while real funds were systematically siphoned off. A house constructed by Shiva Rao in Rajajipuram is now under scrutiny as part of the probe. DCP (West) Vishwajeet Srivastava assured that further arrests and decisive action would follow to bring justice to the victims and prevent such incidents in the future.
This scandal underscores the urgent need for stronger banking safeguards and transparency to protect the hard-earned savings of ordinary citizens, especially in semi-urban and rural areas where financial literacy may be limited.
