NEW DELHI: A new and alarming financial scam is causing widespread concern across India, as fraudsters exploit the desperation of unemployed youth to siphon off massive amounts of money. This elaborate scheme, disguised as online trading, not only defrauds individuals but also inflicts substantial losses on government revenue, often involving the illicit movement of funds through the hawala system. Recent police actions have begun to unravel the intricate layers of this multi-crore fraud, exposing a disturbing pattern of deception and alleged insider involvement.
The Lure of Quick Cash: How the Scam Operates
The scam begins with a simple, yet effective, bait: the promise of easy money for young, jobless individuals. Fraudsters approach these vulnerable youth, offering them between Rs 10,000 to Rs 15,000 (approximately $120-$180 USD) to open bank accounts. To further entice them and build trust, the fraudsters even take these young people on trips to tourist destinations like Nepal or Uttarakhand.
Once the bank accounts are opened and money, often illicit, begins to flow in, the fraudsters swiftly withdraw the funds. This rapid movement of money has caught the attention of central investigative agencies, who are now closely monitoring the evolving tactics of these criminal networks. The Delhi Police recently made a significant breakthrough, arresting two youths in the Sehjnanand area and uncovering a fraud involving crores of rupees under the guise of investment. Investigations revealed that approximately Rs 11 crore (about $1.3 million USD) was transacted from 105 different locations within a mere 30 days.
The fraudsters employ a cunning strategy to gain control over these newly opened bank accounts. According to police sources, the accounts of the youths involved in this network are exclusively opened in private banks. After an account is established, the Know Your Customer (KYC) process is completed using the legitimate Aadhaar and PAN cards of the account holder.
However, the deception begins shortly after. The fraudsters download the bank’s online banking application onto their own mobile phones. Using details from the bank kit provided during account opening, they log into the app. Crucially, they then use fake Aadhaar cards to obtain fake mobile numbers. Once inside the banking app, they replace the real account holder’s mobile number with their fake one. This critical step gives them complete online access to all incoming and outgoing transactions, allowing them to manage and drain the accounts remotely.
Inside Collusion: The Alleged Role of Bank Employees
Perhaps the most alarming revelation in this scam is the alleged involvement of bank employees. Sources suggest that there is collusion between the fraudsters and certain bank staff members. Bank rules stipulate that the bank kit, which includes the ATM card and its password, should only be handed over to the legitimate account holder.
However, in cases where accounts are opened purely for the purpose of this fraud, the actual account holders are often unaware of the kit’s details. It is here, according to the investigation, that bank employees allegedly step in, providing these sensitive kits directly to the fraudsters. With the ATM cards and passwords in hand, the criminals are then able to withdraw the money from the banks at will, completing the cycle of the fraud.
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Police Action and Unfolding Revelations
The Delhi Police’s interrogation of the arrested individuals has brought forth extremely shocking facts, shedding light on the depth and sophistication of this criminal enterprise. The ongoing investigation aims to dismantle the entire network, identify all individuals involved, and recover the laundered funds.
As central agencies continue their probe, the case serves as a stark reminder of the evolving nature of financial crimes and the critical need for enhanced vigilance from both the public and financial institutions. The alleged involvement of bank insiders highlights a significant vulnerability that authorities are now working to address to prevent similar scams in the future.