The cyber crime team in Panchkula has arrested two bank officials from Uttar Pradesh in connection with an online trading fraud case involving approximately Rs 1.5 crore. The accused, identified as Rishabh Vaish of Sitapur and Anupam Kumar Singh of Hardoi, are alleged to have colluded with cyber fraudsters to open fake or illegal bank accounts used to launder money defrauded from victims.
Arrests and Court Proceedings
The police produced both suspects before a court on June 29, 2026, and obtained seven days of police custody for further interrogation. With these arrests, a total of eight individuals have been taken into custody in this case. The cyber police station in-charge, Yudhveer Singh, confirmed the developments.
According to police, the victim, a resident of Panchkula, filed a complaint through the cyber portal. He stated that in November 2023, he received a message from an ID claiming to be associated with a construction company in Bengaluru. The fraudsters deceived him into believing that his uncle was a business owner in the United States and that he could earn substantial profits through online trading.
How the Fraud Unfolded
The accused tricked the victim into transferring approximately Rs 15 lakh to their accounts. When the victim realized he had been duped and threatened to file a police complaint, the accused deleted their Telegram ID and switched off their phones. Based on the complaint, a case was registered on October 10, 2024.
During the investigation, police discovered that about Rs 20 lakh of fraudulent money had been deposited into a bank account belonging to Sandeep Kumar Singh of Hardoi, UP. Sandeep was arrested on June 25, 2026. When interrogated, he revealed that his friends Rishabh and Anupam, both bank employees, had opened and used that account to deposit the proceeds of the cyber fraud.
Modus Operandi and Seized Items
The police laid a trap and apprehended Rishabh and Anupam on June 28 and 29, respectively. Other arrested individuals include Rajesh Kumar of Etah, UP; Aqib Ali of Lakhimpur Kheri, UP; Akash of Bijnor in Gurgaon; Vishal Kumar of Hanumangarh, Rajasthan; and Monu of Lakhimpur Kheri. A large number of mobile phones and dozens of ATM/debit cards were seized from the accused.
Police Investigation Ongoing
Cyber police station in-charge Yudhveer Singh stated that the investigation is ongoing, and further arrests are expected. The police are also probing whether the same network is involved in similar frauds across other states. The accused bank officials are believed to have facilitated the opening of multiple fraudulent accounts for laundering money.
