Bareilly. A shocking case of cyber fraud has emerged in Bareilly, Uttar Pradesh, where fraudsters allegedly obtained a loan of ₹27 lakh against the fixed deposit (FD) of an 85-year-old man and subsequently withdrew more than ₹25.79 lakh from the account. The victim has filed a complaint at the Cyber Crime Police Station, seeking an investigation into the incident. He has also raised questions about the role of the bank management.
Sudarshan Sehgal, a resident of Station Road, said he had opened a fixed deposit worth ₹30 lakh on July 13. At around 9 pm on October 13, he received a phone call from a person claiming to be a bank official. The caller informed him about an insurance scheme, claiming that it was being offered by the bank and that the final day to apply was that day.
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OTPs Begin Arriving After Form Request
According to the victim, the caller asked him to fill out a form to enrol in the insurance scheme. Soon afterwards, several one-time passwords (OTPs) and messages began arriving on his mobile phone. Suspecting something was wrong, Sehgal immediately blocked the caller’s number.
As a precaution against possible fraud, he also had his savings account frozen at around 10 pm. He believed that freezing the account would protect his funds and prevent unauthorised transactions. However, around the same time, he received a notification indicating that a new account had been opened. The message referred to the new account number as 2701.
The notification heightened his concerns, prompting him to contact the bank manager immediately and explain the situation. Sehgal said the manager assured him that his fixed deposit was completely safe. However, he was not informed at that time that a loan had allegedly been sanctioned against the FD.
Fraud Discovered During Bank Visit
The alleged fraud came to light the following day when Sehgal visited the bank branch to check the status of his account and fixed deposit. He was informed that a loan of ₹27 lakh had been sanctioned against his ₹30 lakh FD. Subsequently, ₹25,79,554 had been withdrawn from the associated account.
The incident has raised questions about banking security procedures and the monitoring of transactions linked to customers’ accounts. In his complaint, the victim has sought a detailed investigation to establish how the loan was approved and where the withdrawn money was transferred.
He has questioned how a loan could be sanctioned against his fixed deposit and such a substantial amount withdrawn despite his having frozen his savings account promptly and alerted the bank management to suspicious activity.
Police to Examine Mobile Number and Banking Procedures
Police have registered a report based on the victim’s complaint and are investigating the mobile number allegedly used by the fraudsters. Information will also be sought from the bank to establish how the loan was approved, how the new account was opened and where the money was transferred.
Banking procedures, relevant documents and transaction records are expected to play an important role in the investigation. However, the involvement of bank employees has not been established so far. The questions raised about their possible role will be examined as part of the investigation, and the facts are expected to become clearer once the relevant records have been reviewed.
The incident serves as a reminder for bank customers to remain cautious when dealing with unsolicited calls. Customers should avoid filling out banking forms at the request of unknown callers, sharing OTPs or providing personal information through suspicious links. Anyone claiming to represent a bank should be verified through official channels.
If suspicious activity is detected, customers should immediately notify their bank and report the matter to the appropriate cybercrime authorities. In cases involving fixed deposits and large financial transactions, promptly checking account notifications and confirming unexpected changes directly with the bank may help identify potential fraud at an early stage.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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