Bank Manager and Accomplices Nabbed in Rs 12.51 Crore Fraud Scheme

Four individuals, including a bank manager, were arrested for stealing sensitive data and siphoning Rs 12.51 crore from CRED's accounts. They forged signatures and forms to transfer funds to numerous accounts. Rs 55 lakh has been frozen, and Rs 1.28 crore recovered. The investigation continues.

In a major financial scandal, four people, including a manager from a private bank, have been apprehended for allegedly diverting Rs 12.51 crore through fraudulent means. The accused reportedly accessed sensitive company data to facilitate the crime.

The case unfolded when Dream Plug Pay Tech Solutions Private Limited, known as CRED, reported the suspicious funds transfer to the authorities. Police investigations revealed that unauthorized access was gained to the company's email and contact information tied to their bank accounts.

Further inquiry by the Bengaluru East CEN police uncovered that the suspects had manipulated corporate forms and signatures to execute the transfer to various bank accounts in Gujarat and Rajasthan. So far, police have frozen Rs 55 lakh and retrieved Rs 1.28 crore from the suspects, with ongoing efforts to identify additional culprits.

(With inputs from agencies.)