Hathras — A bank fraud case in Uttar Pradesh has raised serious questions about loopholes in the financial system after a 23-year-old samosa seller, Akash Mahor, allegedly manipulated overdraft facilities to siphon off ₹5 crore. Investigators suspect collusion between the accused and staff at the HDFC Bank Bus Stand branch, where the account was opened with a deposit of just ₹500.
The role of three bank managers is under investigation, with police and departmental inquiries both underway. According to Akash’s statement, the managers allegedly offered to “split the amount” with him, suggesting internal involvement.
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The Modus Operandi: From ₹500 to ₹5 Crore
Authorities say Akash exploited systemic loopholes to execute his fraud in a carefully structured manner:
- Opening the Account: He opened a current account with a nominal ₹500 deposit, which somehow received an overdraft facility of up to ₹5 crore — a privilege usually reserved for high-value corporate clients.
- Transaction Patterns: He moved money in amounts ranging from ₹500 to several crores, including one suspicious ₹50 lakh transaction on August 24, which went unchecked by staff.
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- Layering Funds: To cover his tracks, Akash transferred money into savings accounts at another branch, invested ₹3.5 crore via the Groww app in shares and mutual funds, and later redeemed them into an account with Federal Bank.
- Diversion Tactics: He deleted his HDFC account from Groww to break the audit trail, leaving investigators struggling to follow the money.
- Dispersing Wealth: Police discovered he:
- Parked ₹50 lakh in a Groww wallet
- Transferred ₹73 lakh to his mother’s account
- Gave ₹10 lakh each to two friends
- Purchased a luxury bike worth ₹2.75 lakh
Why Bank Staff Are Under Suspicion
Experts say the scale and speed of Akash’s transactions should have raised immediate red flags. Senior banking sources suggest that a mere system glitch cannot explain the fraud, reinforcing the suspicion of insider collusion.
Key unanswered questions include:
- Why was no action taken after the first ₹50 lakh overdraft transaction?
- How did a samosa vendor qualify for a corporate-level overdraft?
- Why was the account not frozen despite repeated overdrafts?
Police have already interrogated three managers of the branch, though no arrests have been confirmed.
Recovery Challenges for Police
Investigators have so far frozen ₹2 crore and recovered ₹5 lakh in cash, but tracing the rest of the money remains a challenge. With funds dispersed across multiple banks, wallets, and investments, officials admit the recovery process will be time-consuming.
