Fraud Alert
Axis Bank Relationship Manager Arrested for Rs 2.3 Crore Fraud in Cuttack, Odisha
The Criminal Investigation Department (CID) of the Odisha Crime Branch has arrested, a Relationship Manager at Axis Bank’s Cuttack branch, on charges of defrauding a senior citizen of Rs 2.3 crore. The Relationship Manager was apprehended following a detailed investigation into allegations of financial misconduct.
Complaint Filed by Senior Citizen
The case surfaced when a senior citizen, a privileged account holder at Axis Bank’s Badambadi branch, lodged a complaint. After the passing of her husband, she was assigned a Relationship Manager, given her limited knowledge of banking and investment processes.
He reportedly built a trusted relationship with the woman, frequently visiting her home under the pretext of assisting her with banking formalities. Using her mobile phone, he provided quarterly bank account statements and managed her accounts. He persuaded her to convert her savings into a fixed deposit, citing higher returns, and obtained several signatures from her for the process.
Discovery of Fraud
The fraud came to light when the complainant was contacted by the bank’s loan department regarding an overdraft loan she had no knowledge of. Upon inquiry, she discovered unauthorized withdrawals amounting to Rs 2.3 crore from her fixed deposit account. A series of transactions had been made, transferring funds to an unknown individual’s account.
Further investigation revealed that the stolen funds had been transferred to the account of one in HDFC Bank before being routed to other accounts controlled by the Manager. It was also found that he had manipulated the account’s registered mobile number to gain complete access and control over the account.
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Method of Fraud
CID officials disclosed that the manager, who has been a bank employee for 20 years, six of which were spent at Axis Bank, exploited his position to win the trust of customers. He reportedly opened multiple savings accounts to facilitate the misappropriation of funds. Evidence indicated that approximately Rs 1 crore of the defrauded amount was used to purchase insurance policies in the names of individuals close to him.
Official Statement
“The accused leveraged his role as a Relationship Manager to manipulate the account holder and misappropriate funds. Using his access to sensitive customer data, he orchestrated the fraudulent transfers. Investigations confirm that Rs 1 crore was utilized for personal benefits, including insurance policies,” stated a CID official.
Arrest and Ongoing Investigation
The Relationship Manager was arrested and remains in custody as the investigation progresses. The authorities have seized his mobile phone, financial records, and other evidence. The CID’s Cyber Crime Unit is continuing to trace the remaining funds and identify potential accomplices.
The incident highlights the importance of vigilance in financial transactions, particularly for vulnerable individuals. Authorities have urged the public to regularly review account statements and report suspicious activity to safeguard against fraud.
