Karnataka Police Capture Axis Bank Manager and His Crew for Embezzling ₹12.51 Crore Through Corporate Data Breach

Bengaluru, Dec 28 (NationPress) The Karnataka Police have apprehended a group of four individuals, led by the Manager of the Corporate Division at Axis Bank in Gujarat, for embezzling crores of rupees by unlawfully acquiring sensitive information from a company, as reported by officials on Saturday.

The Bengaluru East CEN police—specialized in Cybercrime, Economic Offences, and Narcotics—arrested the suspects and confiscated ₹1.83 crore in cash, two mobile devices, and a counterfeit Corporate Internet Banking (CIB) form, according to Bengaluru Police Commissioner B. Dayanand.

The investigation was initiated following a complaint lodged by the Director of Dream Plug Pay Tech Solutions Private Limited (CRED) in Bengaluru on November 15 with the CEN East police station. The complaint detailed that ₹21.51 crore had been siphoned from the company’s accounts and called for an investigation.

As per the complaint, the company’s nodal and current bank accounts were held at the Indiranagar branch of Axis Bank in Bengaluru. Unauthorized individuals had gained access to the email addresses and phone numbers linked to these accounts.

The cyber fraudsters illicitly acquired the company’s data, produced fake CIB forms, and forged signatures and seals to facilitate the transfer of ₹12,51,13,000 to 17 separate bank accounts.

After the complaint was filed, the East CEN police commenced an investigation and apprehended the main suspect, who served as the Manager of the Corporate Division at Axis Bank in Gujarat. The inquiry revealed that the suspect, in collusion with others, had pilfered the company’s data and executed the crime.

The mastermind created fraudulent Corporate Internet Banking (CIB) forms and Board Resolutions for the company, which were submitted to the Ankleshwar branch of Axis Bank in Bharuch district, Gujarat. Utilizing these counterfeit documents, the accused accessed the company’s internet banking accounts and transferred funds to 17 mule accounts located in Rajasthan and Gujarat.

The four suspects were captured on December 20 in Surat, Navsari, and Rajkot in Gujarat. They were presented in a local court and then brought to Bengaluru for further inquiry.

The suspects have been remanded to 10 days of police custody. The police recovered ₹1.28 crore in cash and ₹55 lakh from the mule bank accounts linked to the crime.

The case was resolved by a team led by DCP East D. Devaraj, ACP Laxmikanth of the CEN East police station, and Inspector Umeshkumar.

In another case, six individuals were arrested related to cyber fraud amounting to ₹56 lakh in Bengaluru on December 24. Bengaluru Police Commissioner B. Dayanand stated: "The suspects deceived a company by impersonating its Managing Director (MD). Using the MD's photograph and the company logo as a WhatsApp display picture, one of the accused sent a message to the company's employee requesting an urgent transfer of ₹56 lakh, claiming it was needed as a security deposit."

Recently, a cybercriminal incident involving a Japanese national extorting ₹35 lakh from him was reported in Bengaluru. Hiroshi Sasaki, a 59-year-old Japanese citizen, filed a complaint regarding this with the South East Cybercrime, Economic Offences, Narcotics (CEN) Crime police station.

On December 23, a case was reported where a software professional lost ₹11 crore after being deceived through a digital arrest. The police indicated that the fraudsters posed as officials from the Mumbai Crime Branch and executed the crime through digital means.

Furthermore, there was a report of a state government employee who fell victim to cybercriminals, losing ₹19 lakh after being digitally arrested for six hours in Tumakuru district of Karnataka on December 24.

According to authorities, the accused contacted the victim officer by phone, introducing himself as a staff member from the Mumbai Crime Branch. The suspect further alleged that money had been illicitly transferred from the officer's account.