A 17-month-old fraud has surfaced at the Jasrana branch of Indian Bank in Firozabad district, culminating in a police FIR against five officers accused of misappropriating ₹1.8 crore from more than 60 customer accounts. The complaint was lodged under the pinnacle SC/ST Prevention of Atrocities Act, intensifying the legal stakes for the accused bank employees.
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Fraud Uncovered Following Account Discrepancies
The scam came to light on March 19, when customer Amit Gupta noticed a discrepancy between his deposited sum and displayed account balance. Soon after, other customers reported similar inconsistencies. This prompted a swift internal audit, revealing unauthorized withdrawals from multiple accounts, all orchestrated from inside the bank. Indian Bank’s zonal officer, Tarun Kumar Bishnoi, met with Agra’s Senior Superintendent of Police, Saurabh Dixit, to escalate the matter. An FIR followed, citing criminal breach of trust and cheating under IPC sections 316(5) and 318(5).
Following the revelations, both the branch manager, Raghvendra Singh, and cashier, Jaiprakash Singh, were suspended as law enforcement launched a full-scale investigation.
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Tightening the Net: SC/ST Act Raises Ante
Though the SC/ST Act is normally invoked in discrimination cases, its use here signals a strategic legal decision—potentially aligning with customer statuses or invoking stronger punitive action. The Act carries stiff prison terms and heavier fallout. Authorities state each affected customer is being contacted to reconcile balances. Meanwhile, the Indian Bank promises restitution in cases where fraud is confirmed.
Impact and Implications
This case shakes confidence in institutional banking, underscoring how internal collusion can severely harm customers. The invocation of the SC/ST Act highlights a shift towards more impactful legal frameworks being applied to financial misconduct. As investigators pursue digital trails, CCTV footage, and entry logs, the financial community awaits clarity on both restitution timelines and possible indictments.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.