In another case of bank fraud in our country, a 41-year-old former employee of a nationalized bank was arrested in Mumbai for allegedly cheating the bank and customers of Rs 4 crore by way of cashback for credit card holders, police said yesterday.
The police recently apprehended 41-year-old Nitin Khare based on an FIR registered against him by the bank in May 2022, an official from Saki Naka police said. Bank¡¯s ex-employee Khare was a contractual employee and used to handle the data of bank customers¡¯ shopping and cashback, he said, as per PTI.
The accused had diverted cashback earned on 83 credit cards and duped the bank of Rs 4 crore, the official said.
During the probe, the police also found that the Rs 4 crore fraud was committed between January 2021 and August 2021. But the matter came to light after some customers complained to the bank about cashback in their credit card accounts despite not having shopped during that time.
The official said that a friend of the accused from Nashik had allegedly provided him with?credit cards of different people and he had passed on the fraudulent cashback benefits to credit card accounts of his friends who were also from Nashik, the report mentioned.
A case under sections 420 (cheating) and 419 (punishment for cheating by personation) has been registered in this regard and more arrests are likely in the case, he added.
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Speaking of frauds in Mumbai, another fraud that recently came to light is of Employees¡¯ Provident Fund Organisation (EPFO). EPFO has initiated a probe into possible malfeasance by its staff at a Mumbai suburban office, which could involve estimated losses of up to Rs 1,000 crore for the retirement body.
The fraud was allegedly committed in Mumbai¡¯s Kandivali office, using the employment of former pilots and crew members of Jet Airways, including many ex-pats. PF accounts of many pilots or crew members of Jet Airways were reportedly misused to siphon off funds, which allegedly benefited some EPFO officials working at the Kandivali office.
Another case of fraud in Mumbai was when a 23-year-old management graduate was arrested in May 2022 for Rs 1.5 crore crypto fraud. He had been allegedly offering to invest people¡¯s money in cryptocurrency. Investigators said that the accused would initially offer returns in small amounts, winning the confidence of his investors. And later, the returns stopped coming. The fraud came to light and the accused was arrested only after many people came forward to file a complaint.
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