Today bank fraud has become a major concern for individuals and financial institutions. Despite banks frequently issuing fraud alerts, bank frauds show no signs of stopping. Today, not only are humans victims of fraud, but the banks themselves are also victims of it. This act is leading to significant financial losses and also damaging the institution’s reputation.
Highlighting three bank fraud updates in different locations:
BOI manager lost money in cyber fraud
A cyber fraud has come to light where the Assistant General Manager of Bank of India has lost ₹ 1.35 crore. On December 9, 2024 the victim was asked to join the WhatsApp group. The victim was allured with their fake share market investment scheme and mobile apps. The fraudsters asked her to download two mobile apps i.e,.QuantsAIS and Angel One, took her Aadhar no and provided her with a User ID and Password to use the apps.
The victim transferred money to different bank accounts between December 10 and January 21. The apps she was using for investment showed a profit of Rs 6 crore, but when she tried to withdraw the amount, the customer care service gave her excuses and started avoiding calls. When she realized she had fallen into a trap until then she had already invested Rs 1.35 crore. Under the Information Technology Act, 2000 and the Bharatiya Nyaya Sanhita, 2023 the Cyber West Police Station has registered the Case. Currently, police is investigating the matter.
Four individuals from Andhra Pradesh arrested for bank fraud case
The Greater Chennai Police’s Central Crime Branch has arrested four people named Kesava Gangaraju (27), S Krishnamoorthy (24), C Ekambaram (27) and Kumar (29) for defrauding HDFC Bank. The first three accused claimed that they worked as a software engineer in a company named Avance Consulting Service Pvt Ltd but in reality they were not employed. They took a personal loan of Rs 1.04 crore from HDFC by giving fake documents like pay slips. Kumar (29) was the one who helped them to create fake documents.
During internal audit, bank officials found the fraud and based on their complaint Central Crime Branch (CCB) arrested all four suspects. Later in the investigation, it was found that the accused were also involved in similar frauds of Rs 2.47 Crore with other financial institutions. Currently, the investigation is ongoing to find out if there are more people involved in it.
Axis Bank manager arrested in a cyber fraud case
On March 22, 2025 Haryana authorities arrested Tarun Bansal, branch manager of an Axis bank and his accomplice Harvinder (unemployed) in connection with a Rs 31 lakh cyber fraud. Both Tarun and Harvinder deceived the victim by promising a high-return investment scheme on cryptocurrency. They convinced him to transfer money in different bank accounts. The victim’s account was showing a profit but he was unable to withdraw the amount which suspects him of fraud.
A case has been registered under section 318(4)(cheating and dishonestly inducing delivery of property) of the BNS. In investigation, it was found that a part of the defrauded amount had been transferred to Harvinder Axis bank account. The investigation also revealed that Harvinder was charging a 2.5% share from the amount transferred out of his bank account while Tarun Bansal was charging a 5% commission. The accused have been sent to judicial custody.