Delhi Court Rejects Bail in Major Internet Banking Fraud Case
A Delhi court has firmly denied bail to a man accused of orchestrating a sophisticated financial fraud involving the siphoning of Rs 8.9 crore from a corporate bank account. The court emphasized that the offense was "grave and serious in nature" and involved "systematic and layered" transfers executed as part of a criminal conspiracy.
Court's Reasoning and Defense Arguments
The defense had argued that since the investigation was complete and the chargesheet had been filed, there was no justification for keeping the accused in custody during the trial. However, the court held that the filing of the chargesheet did not mitigate the gravity of the alleged offense. Sessions judge Shunali Gupta observed that the accused, Nitin Birmal Dongre, appeared to be the "prime accused" and the beneficiary of the siphoned funds, describing him as the alleged "kingpin" of the operation.
Dongre had contended that he had been in judicial custody since April 2, 2025, and sought bail on the ground of parity, claiming his role was similar to two co-accused who were granted bail earlier. The court rejected this argument, stating that Dongre's role was distinct and could not be equated with that of the others.
Details of the Fraudulent Scheme
According to the prosecution, the fraud occurred between July 11 and August 30, 2024, through 94 internet banking transactions. These transactions were initiated after the accused allegedly changed the mobile number linked to the corporate bank account using forged documents. The prosecution highlighted that the accused and his associates siphoned off crores of rupees within nearly 50 days through these fraudulent online activities.
Investigation revealed that the Axis Bank account—opened in 2008 in the name of Larsen & Toubro & Shanghai Urban Construction Operation at the bank's Lajpat Nagar branch—was compromised after a request was made on June 7, 2024, using forged company documents to change the registered phone number.
Key Findings from the Investigation
- In July 2024, corporate internet banking access was obtained from the bank's Usmanabad branch in Maharashtra by a person posing as an L&T employee.
- Police said a co-accused, an assistant manager with the bank, had allegedly shared sensitive account information with the conspirators.
- Investigators claimed the SIM card used to access the account was found operating in Dongre's handset.
- Call detail records indicated links among the accused, further implicating Dongre in the conspiracy.
The court also noted that two other suspects were yet to be arrested, underscoring the ongoing nature of the investigation. Opposing the bail plea, the prosecution stressed the seriousness of the allegations, pointing to the rapid and large-scale theft executed through digital means.
This case highlights the growing challenges of cybersecurity in financial transactions and the judicial system's stance on holding alleged masterminds accountable in complex fraud schemes.
