Investigators have arrested a key accused in a ₹6.25 crore banking fraud case involving forged cheques allegedly used to withdraw money from an account belonging to Amity University. The accused, who had been absconding for several years, was apprehended after being declared a proclaimed offender by a court.
The case dates back to 2020, when bank officials lodged a complaint after suspicious transactions were detected in the university’s account. Investigators later found that three cheques purportedly issued by the university had been presented for clearance in August 2019. Preliminary findings suggested that the cheques were forged and used as part of a larger conspiracy to siphon funds.
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Forged Cheques Used to Move Funds
According to investigators, two of the three cheques were successfully cleared, leading to the transfer of crores of rupees to accounts in different states. Payment against the third cheque was stopped before processing, preventing further loss.
By then, ₹6.25 crore had already been withdrawn from the university’s account. A detailed examination of bank records, account statements and transaction trails showed that around ₹2.5 crore was deposited into the account of an infrastructure company in Gujarat.
Another ₹2.7 crore was allegedly transferred to the account of a non-governmental organisation in Madhya Pradesh. Investigators later found that the arrested accused was the secretary and authorised signatory of the NGO.
Money Routed Through Multiple Accounts
Authorities alleged that after the funds were credited to the NGO’s account, the accused transferred ₹2.07 crore to another individual linked to the fraud. From there, the money was allegedly routed through several bank accounts to conceal its origin and destination.
The probe also revealed the suspected involvement of shell entities operating through accounts in Delhi. Investigators believe part of the money was withdrawn in cash, while the rest was transferred through a complex chain of transactions.
Officials said such layering methods are often used in financial frauds to make tracing proceeds difficult. Digital banking records and transaction histories are now being examined to reconstruct the complete money trail.
Probe Continues Into Wider Network
Three other accused had already been arrested earlier in the case. Officials said the latest arrest is significant because the accused had remained beyond the reach of investigators for years despite sustained searches and technical surveillance.
Authorities eventually traced and arrested him from Betul district in Madhya Pradesh. After his arrest, he was produced before a court and is being questioned about the movement of funds and the identities of others who may have participated in the alleged fraud.
Investigators are also examining whether the fraud involved individuals familiar with banking procedures and financial documentation. The probe remains ongoing as authorities work to identify additional suspects, beneficiaries and the full financial network behind the alleged scam.
