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Bahraich police have arrested a 36-year-old contractual banking agent accused of collecting approximately ₹85 lakh from more than 100 customers over eight years without depositing their money into their bank accounts.
How Did the Fraud Work?
The accused, identified as Samsad Ali Shah, worked at a business correspondent point where customers approached him for routine banking transactions. Police said he collected cash from account holders, assuring them that their money would be deposited into their respective bank accounts.
However, instead of crediting the amounts, he allegedly misappropriated the money.
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The suspected fraud relied on the trust customers had placed in Shah while conducting their regular banking transactions.
Who Were the Victims?
According to investigators, more than 100 account holders were allegedly cheated, with their combined losses estimated at around ₹85 lakh. The affected customers regularly visited the banking point to deposit cash into their accounts.
Police said Shah allegedly exploited their confidence in him, continuing to collect money without completing the promised deposits. The investigation is examining the complaints and financial transactions associated with the alleged misappropriation.
How Long Did It Continue?
Shah had been working as a contractual employee at the banking point for nearly eight years. During this period, he allegedly developed relationships with customers who regularly approached him for banking services.
Investigators suspect that he continued collecting money from account holders without depositing it, resulting in substantial financial losses over time. The alleged irregularities came to light after customers began raising complaints.
How Was the Fraud Reported?
Following complaints from affected customers, Bahraich police registered a case against Shah at Dargah Sharif police station.
The case was registered under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS). Police subsequently began investigating the allegations and launched efforts to trace the accused.
How Was the Accused Arrested?
Acting on a tip-off, a police team located Shah and arrested him. Following his arrest, officers completed the necessary legal formalities and produced him before a court in Bahraich.
The arrest followed complaints alleging that money collected from customers for bank deposits had instead been misappropriated.
What Are Police Investigating?
Bahraich Superintendent of Police Vishwajeet Srivastava said investigators are examining the complaints and financial transactions to establish the extent of the alleged fraud.
Police are also working to identify all affected account holders and determine the financial losses associated with the suspected irregularities. The investigation remains focused on tracing the transactions and establishing how the accused allegedly continued collecting customer deposits without crediting the money to their accounts.
