Mumbai bank fraud: ₹29.83 lakh siphoned from deceased woman's Axis Bank account, 3 held
Synopsis
Three men have been booked after ₹29.83 lakh was allegedly drained from a dead woman's Axis Bank account in Mumbai using a forged Customer Request Form — with police now probing whether the same trio targeted other deceased customers' accounts using identical tactics.
Key Takeaways
₹29,83,200 was allegedly siphoned from the account of deceased customer Vimla Patil at an Axis Bank branch on Tardeo Road, Mumbai .
A forged Customer Request Form (CRF) bearing the deceased's signatures was allegedly used to authorise the transfers.
Funds were moved via NEFT , UPI , and IMPS to multiple bank accounts.
Three accused — Rahul Panjwani , Abhishek Verma , and Ram Pal — have been booked by Tardeo Police Station under cheating and related charges.
Police are investigating whether the accused targeted other deceased account holders using the same modus operandi.
A case of alleged banking fraud involving ₹29.83 lakh siphoned from the account of a deceased customer has come to light at an Axis Bank branch on Tardeo Road, Mumbai, with police registering a case against three accused on 14 July. The alleged fraud targeted the savings account of Vimla Patil, who had already passed away at the time the transactions were made.
How the Fraud Was Carried Out
According to Mumbai Police, a Customer Request Form (CRF) bearing forged signatures in the name of the deceased was allegedly submitted at the bank. Acting on the fraudulent document, funds totalling ₹29,83,200 were transferred out of the account through NEFT, UPI, and IMPS transactions routed to multiple bank accounts.
The forgery reportedly went undetected until Axis Bank officials identified the irregularity and approached the police. The Tardeo Police Station subsequently registered a case against the three accused — Rahul Panjwani, Abhishek Verma, and Ram Pal — under charges of cheating and other relevant provisions of law.
What Investigators Are Probing
A Mumbai Police official stated: 'A case has been registered and the investigation is underway. We are examining the role of the accused and all aspects of the alleged fraudulent transactions.'
Investigators are examining how the forged CRF was accepted and processed by the bank, and whether the accused acted independently or with inside assistance. Police are also collecting documentary and technical evidence to trace the flow of funds and identify the beneficiaries of the NEFT, UPI, and IMPS transfers.
Wider Pattern Under Scrutiny
Notably, investigators are probing whether Panjwani, Verma, and Ram Pal may have employed a similar modus operandi to fraudulently access accounts belonging to other deceased customers — raising the possibility that this may not be an isolated incident.
This case highlights a broader vulnerability in banking systems concerning dormant and post-mortem accounts, where the absence of active account monitoring can create opportunities for document-based fraud. The alleged misuse of a forged CRF to trigger digital fund transfers underscores how traditional document fraud can be combined with modern payment rails to move money quickly across accounts.
What Happens Next
Police officials said appropriate legal action will be taken based on the findings of the ongoing probe. The investigation will continue to focus on tracing the complete trail of transferred funds and determining the full extent of the alleged fraud. Whether additional accused or bank insiders are implicated remains a key question investigators are working to answer.
Point of View
UPI, and IMPS transfers illustrates how weak physical verification can undermine an otherwise secure digital payments stack. The more troubling question investigators are now asking is whether this was a one-off or part of a pattern targeting dormant post-mortem accounts — a category that receives minimal regulatory scrutiny. If the probe finds a wider network, it will put pressure on the Reserve Bank of India to mandate stricter protocols for account freezing upon a customer's death.
NationPress
14 Jul 2026
Frequently Asked Questions
What happened in the Axis Bank fraud case in Mumbai?
Three men allegedly used a forged Customer Request Form bearing the signatures of a deceased customer, Vimla Patil, to transfer ₹29.83 lakh from her Axis Bank account on Tardeo Road, Mumbai. The funds were moved through NEFT, UPI, and IMPS transactions to multiple accounts.
Who are the accused in the Mumbai Axis Bank fraud case?
The three accused are Rahul Panjwani, Abhishek Verma, and Ram Pal, all booked by the Tardeo Police Station under charges of cheating and other relevant provisions of law following a complaint by Axis Bank officials.
How was the fraud at Axis Bank detected?
Axis Bank officials identified the irregularity and approached the police, who then registered the case. The bank's internal review flagged the suspicious transactions linked to the deceased account holder's profile.
Are police investigating other potential victims?
Yes. Mumbai Police are probing whether the three accused used a similar modus operandi to fraudulently access accounts of other deceased customers, suggesting the current case may be part of a broader pattern.
What is a Customer Request Form and why does it matter here?
A Customer Request Form (CRF) is a bank document used to authorise account-level changes or fund transfers. In this case, investigators allege that a CRF bearing forged signatures of the deceased was submitted to the bank, enabling the fraudulent transactions — raising questions about document verification processes at the branch.
