Bengaluru: Bank manager among four arrested for siphoning Rs 12.51 crore

Bengaluru police have arrested four individuals, including a private bank manager, for allegedly siphoning off Rs 12.51 crore from Dream Plug Pay Tech Solutions Private Limited (CRED). The fraud came to light in November when the company’s director filed a complaint with the police, reporting unauthorized transfers from the company’s accounts.

Also Read: Bengaluru: Cops arrest 10 accused who had duped man of Rs 88L through cyber fraud  

The company’s nodal and current accounts, maintained at the Indiranagar branch of Axis Bank, were compromised. According to the police, the accused gained access to the email addresses and phone numbers linked to these accounts. Using this information, they forged corporate Internet banking forms (CIB), duplicated signatures, and created fake seals to transfer the funds.

The investigation uncovered that Rs 12.51 crore was transferred to 17 bank accounts across Gujarat and Rajasthan. Bengaluru East CEN police arrested four suspects, including an Axis Bank manager from Gujarat, in connection with the case.

City Police Commissioner B Dayananda revealed that Rs 55 lakh in the accounts used for the transfers has been frozen. Additionally, Rs 1.28 crore in cash was recovered, along with two mobile phones. The police are continuing their investigation to track down other suspects still at large.

This case highlights the risks of corporate data breaches and the need for robust cybersecurity measures to safeguard financial systems.