Lucknow: The investigation into the ₹13 crore fraud at a Bank of Baroda branch has taken a decisive turn with the arrest of three more individuals linked to the main accused. After the earlier arrest of alleged kingpin and Bank Mitra Shiva along with his associate Deepak, police have now taken into custody Shiva’s wife Bhagyawati Rao, his mother Kara Nirmala, and his domestic help Vikas Kumar. All three are accused of facilitating the diversion and use of the defrauded funds.
The case pertains to a branch operating inside the Shakuntala Mishra University campus on Mohan Road, where Shiva was functioning as a Bank Mitra. He allegedly duped nearly 100 customers by promising to open Fixed Deposits (FDs) in their names. Instead of investing the money, investigators say he issued forged FD receipts while siphoning off the funds for personal use.
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During the probe, authorities traced transactions amounting to nearly ₹12 crore in the bank accounts of the three newly arrested accused. Of this, around ₹1.5 crore was allegedly transferred to the account of Vikas Kumar, the domestic help. Investigators claim that a car was purchased for him using part of the siphoned money. The substantial financial movements and high-value purchases raised suspicion and led to their arrest.
Search operations conducted at locations linked to the accused resulted in the recovery of jewellery worth approximately ₹2.5 lakh, a car, silver coins, three mobile phones, a laptop, a printer, and ₹47,000 in cash. According to investigators, the seized printer was used to generate forged FD receipts that were handed over to customers as proof of investment. These documents were instrumental in gaining the trust of depositors and prolonging the fraud.
Officials involved in the investigation believe that such a large-scale fraud could not have been executed single-handedly. There are suspicions that additional individuals, including certain account holders and possibly insiders, may have been involved. Financial records of several linked accounts are currently under scrutiny to determine the complete trail of funds. Sources indicate that portions of the defrauded amount were also invested in jewellery, household electrical appliances and certain properties.
A significant development related to the case dates back to November 25, 2025, when a major fire broke out at the same bank branch under suspicious circumstances. Several important documents were reportedly destroyed in the blaze. At the time, affected customers had alleged that the fire was deliberately set to eliminate evidence of the fraud. While the cause of the fire is being investigated separately, authorities are now examining whether it was connected to attempts to conceal the scam.
Victims of the fraud have expressed distress, stating that they had invested their life savings in what they believed were secure fixed deposits. Many families are said to be facing financial hardship as a result. Some had earmarked the funds for essential needs such as education and marriage expenses.
Investigators are now working to reconstruct the complete financial trail and ascertain the extent of involvement of each accused. Efforts are also underway to identify any remaining beneficiaries of the diverted funds. Officials have indicated that further revelations may emerge as the probe progresses.
The ₹13 crore scam has raised serious concerns about internal checks and safeguards within banking operations. All arrested accused have been sent to judicial custody, and the investigation remains ongoing.
