In a significant financial fraud case, the Chhattisgarh Anti-Corruption Bureau and Economic Offences Wing (ACB/EOW) has arrested a chief manager of the State Bank of India (SBI) in Raipur. The official is accused of embezzling more than ₹2.78 crore from a critical internal bank account and funneling the stolen funds into high-risk cryptocurrency, options, and commodity trading platforms.
The Mechanics of the Alleged Fraud
The case came to light after the SBI's regional office in Raipur filed a formal complaint on December 17, 2025. Following the complaint, the ACB/EOW swiftly registered a case and initiated an investigation. The accused, identified as Vijay Kumar Aakhe, was serving as the branch head of SBI's SCAB branch. This unit is a highly sensitive department entrusted with cash management and supply for other SBI branches across the region.
Investigators allege that Aakhe exploited his position and authority over a "suspense account" which lacked a fixed upper transaction limit. He reportedly treated this account like a blank cheque, facilitating his scheme. Over a period of approximately eight months, Aakhe is said to have created a series of fake entries and initiated unauthorized fund transfers.
The total amount diverted stood at a staggering Rs 2,78,25,491. This money was systematically moved into his personal bank accounts and those belonging to his wife, according to the chargesheet.
Bypassing Security Systems and Digital Trail
Amresh Mishra, the chief of Chhattisgarh ACB/EOW, revealed that the accused employed a calculated method to evade the bank's internal safeguards. Aakhe allegedly bypassed the bank's Red Flag Indicator (RFI) system, a crucial alert mechanism designed to flag suspicious transactions.
He accomplished this by "rolling over" the siphoned amounts through multiple fictitious entries before the system could generate alerts. Officials noted that the frequency and volume of these fake entries increased over time as the fraud grew, helping to conceal the massive financial diversion.
During searches conducted at Aakhe's residence, authorities seized crucial documents and electronic evidence. This digital trail reportedly showed that the embezzled funds were invested through various online trading platforms. Key platforms named in the investigation include the Dhann app and the Delta Exchange.
Legal Action and Ongoing Probe
Based on the evidence gathered, Vijay Kumar Aakhe was arrested on December 18, 2025. He was subsequently produced before a local court in Raipur. The ACB/EOW has booked him under relevant sections of the Bharatiya Nyaya Sanhita and the Prevention of Corruption Act.
The agency has emphasized that the investigation is far from over. A key focus now is to determine if other bank officials were complicit in the fraud or if there were supervisory lapses within the bank's hierarchy. Investigators are probing how such a substantial fraud could continue undetected for several months, raising questions about internal audit and control mechanisms at the sensitive cash management branch.
This case highlights the evolving nature of financial crimes, where traditional embezzlement is coupled with modern digital investment avenues like cryptocurrency trading, creating complex challenges for forensic investigators.
