In a significant financial fraud case, Bengaluru police have launched an extensive search operation for five staff members from a cash logistics firm, including one woman, who are accused of misappropriating nearly Rs 1.4 crore in cash that was intended for deposit in various Automated Teller Machine (ATM) kiosks across the city.
FIRs Registered and Investigation Details
According to official police statements, two separate First Information Reports (FIRs) were filed by officials from HITACHI Payment Service Pvt Ltd, the cash logistics company involved. A senior police officer explained the operational setup: "Two teams were assigned the task of filling the cash in ATMs. Both teams cheated the firm by not depositing the full amount. Two accused men were common members in both teams, facilitating the coordinated fraud."
Timeline of the Fraudulent Activities
The complaints indicate that the cheating scheme was systematically carried out starting from April 2024. However, the discrepancies remained undetected until January 19, 2025, when an internal audit revealed significant cash shortages. On the same day, formal complaints were lodged with the police, triggering the investigation.
Identification of the Suspects
The five individuals sought by authorities have been identified as Praveen Kumar, Dhanashekhar, Harish Kumar, Varun, and their female colleague, Ramakka. Police reports confirm that all suspects have switched off their mobile phones and become incommunicado, making the search operation more challenging.
Modus Operandi of the Cash Misappropriation
A detailed account from a senior police officer reveals how the fraud was executed: "Praveen and Harish, who were common to both cash-filling teams, drove cash-filled vans from Axis Bank in Koramangala to different ATM kiosks. While depositing the cash, they deliberately filled less than the stipulated amount on multiple occasions. At irregular intervals, they would deposit reduced cash quantities but falsely recorded the original amounts in official documentation. This systematic under-reporting continued until the internal audit uncovered the substantial deficit, leading to the discovery of the misappropriated funds."
Legal Charges and Police Efforts
Based on the formal complaints, police have registered cases under the Bharatiya Nyaya Sanhita (BNS) Sections 316 (criminal breach of trust) and 318 (cheating). An investigating officer provided an update on the search: "Our teams have visited their residential addresses, but the suspects were not found. We are employing all available resources and are confident we will trace them soon."
The case highlights vulnerabilities in cash logistics operations and underscores the importance of rigorous internal audits in financial service companies. As the investigation continues, authorities are examining transaction records and coordinating with banking partners to determine the full extent of the financial loss.
