Chhattisgarh Businessman Apprehended in Major Bank Fraud Case
The Economic Offences Wing (EOW) of the crime branch made a significant arrest on Thursday, taking into custody a businessman from Chhattisgarh for his alleged involvement in a sophisticated bank fraud amounting to Rs 9.56 crore. The scam was executed using cloned cheques, highlighting a growing trend in financial crimes.
Details of the Accused and the Fraudulent Scheme
The arrested individual, identified as Brajesh Mishra (46), hails from Jhalap village in Mahasamund district, Chhattisgarh, and is the owner of two companies in the state. According to EOW investigators, Mishra is a key member of a larger inter-state gang that orchestrated the illegal transfer of funds from the account of the District Mineral Foundation Trust of Mayurbhanj Zilla Parishad. This account was maintained with a nationalised bank at the Baripada branch in Mayurbhanj district, Odisha.
The fraud was carried out through the production of four cloned cheques on April 10 and April 18, 2024, leading the EOW to register a cheating case on April 19, 2024. The gang successfully transferred Rs 9,56,76,600 into two accounts under the name of a private firm. Subsequently, these funds were diverted across multiple accounts in a complex money-laundering operation.
Investigation and Recovery Efforts
During the course of the investigation, authorities managed to block Rs 5.04 crore and freeze an additional Rs 13.56 lakh spread across 33 different bank accounts. A senior EOW officer disclosed that specific amounts, Rs 98,30,158 and Rs 49,19,920, were routed to Mishra's two companies. Out of this, Rs 14.19 lakh was transferred directly to his personal account, while the remainder was funneled into various other accounts to obscure the trail.
Police have described Mishra as a "key associate" of a highly organized gang that operates across several states, including Chhattisgarh, Madhya Pradesh, Jharkhand, West Bengal, and Odisha. This syndicate has allegedly been active in cheque-cloning scams for the past four years, employing a range of illicit methods:
- Forging and cloning cheques
- Conducting multi-layered money transfers
- Creating and operating multiple bank accounts
- Withdrawing funds through intermediaries and local touts
Broader Network and Previous Arrests
Between April and July 2024, the EOW had already arrested three other individuals in connection with the same racket: Pomesh Tembhare from Madhya Pradesh, Ghanshyam Ahuja from Chhattisgarh, and Ajmir Mondal from West Bengal. Mishra's arrest is seen as a pivotal development in the case, with EOW officials stating that it has provided crucial leads that may aid in dismantling the wider network behind the fraud.
The ongoing investigation underscores the challenges faced by law enforcement in combating inter-state financial crimes, particularly those involving advanced techniques like cheque cloning. Authorities continue to work on tracing the full extent of the fraud and recovering the remaining stolen funds.
