Bank Staff Among 4 Arrested for Siphoning ₹12.2 Crore from CRED Operator Firm: Report

Bank Staff Among 4 Arrested for Siphoning ₹12.2 Crore: In Karnataka, police on Sunday arrested Axis Bank relationship manager along with three others on the charge of duping ₹12 crores from Dreamplug Paytech Solutions Pvt Ltd, Bengaluru-based company which owns the credit card payment platform, Cred.

According to the report from The Times of India, the ponzy scheme was uncovered when suspicious transactions popped up for the executives of the company and that was the trigger that made them contact police.

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This information cannot be independently verified by the HT.

The prime investigation has revealed that ₹12.2 crores were siphoned through two Axis bank accounts from October 29 to November 11.

Among the arrested are relationship manager Vaibhav Paithadiya (29), Parmar Neha Ben Vipulbhai (26), a Surat-based banking agent; Shilesh (29), Vaibhav's colleague and an insurance agent; and Shubham (26), a commission agent in Rajkot.

"These included false signatures and resolutions of a board meeting to alter the registered mobile number and email ID related to these accounts," the report adds.

Faking personal phone numbers and email IDs, the fraudsters executed wrongdoing at the Axis Bank branches in Surat and Ankleshwar. The report claims that the bank did not catch the misshelming based on a verification process though the company operated out of Bengaluru.

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According to the bank, it had issued one corporate ID and four user IDs for the accounts of the company in 2021, of which two remained unused. It was allegedly reported that the accused opened these dormant IDs on their personal phone numbers and email IDs and carried out the fraud.

According to the executives of the company, the person accused has attempted to con them out of a sum of ₹15.2 crore, but only transferred ₹12.2 crore. The money gained by cheating has been deposited into several bank accounts spread throughout the country.

Investigating the money trail and lapses in the security verification process of Axis Bank which failed to detect fraud are police.

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