Fraud in the name of creating fixed deposits at Standard Chartered Bank — Signatures obtained under false pretext on RTGS forms, funds transferred to relatives’ and acquaintances’ accounts — Manager absconds, police register case
Bengaluru: A major financial fraud of ₹2.7 crore has come to light involving a private bank’s relationship manager, who allegedly misappropriated funds from a long-standing customer’s account. Following the customer’s complaint and an internal audit, it was revealed that the accused manager, Nakka Kishore Kumar, a resident of RT Nagar, had diverted funds meant for fixed deposits over the past six months to accounts belonging to his relatives and acquaintances. Kumar is currently absconding, and police are actively searching for him.
Trust exploited under the guise of fixed deposits, crores siphoned via RTGS
Patricia Prabhu, a customer of Standard Chartered Bank since 2014, had handed over three cheques to the relationship manager Kishore Kumar — ₹2 crore on May 12 and ₹50 lakh and ₹25 lakh on October 31 — for creating fixed deposits. To gain her trust, Kumar obtained her signatures on RTGS forms, falsely claiming they were necessary for the FD process.
However, the bank’s internal investigation revealed that instead of depositing the cheques into Prabhu’s FD accounts, Kumar transferred the funds to other accounts online. On May 12, ₹2 crore was transferred to an account under the name of Kruti Jai Mitra, while on October 31, ₹50 lakh went to the same account and ₹25 lakh to another account held by Jeetika Upasana. Both accounts are maintained with a different private bank.
Transactions appear legitimate, but fraud is evident
A senior police officer explained that Kumar exploited the customer’s trust to obtain signatures on RTGS forms. “Technically, the transactions appear valid since the forms bear the customer’s signature. But the customer never authorized transfers to these accounts. Therefore, this constitutes clear fraud and breach of trust,” the officer stated.
As soon as the bank discovered the discrepancy during its internal inquiry, the relationship manager disappeared. The bank has provided the customer with a detailed transaction report and has also informed law enforcement.
Police action and case registration
Ulsoor police have registered a case under BNS Section 318 (Cheating) based on the complaint. Authorities have requested the complainant to provide detailed information regarding the accounts where the funds were transferred. The police team is also investigating the backgrounds of the accused manager and the two women who received the funds.
Questions raised for the banking sector
The incident has highlighted concerns regarding monitoring, internal controls, and customer protection in private banks. Experts suggest that such financial crimes, carried out using forged signatures or false representations, can be prevented if banks enforce dual-level verification and mandatory customer confirmation calls before executing high-value transactions.
Precautionary measures for customers
- Always send written confirmation via email to the bank for any investment, FD, or financial change.
- Do not sign blank forms or RTGS/NEFT documents without thorough verification.
- Verify all messages, emails, and communications received from the bank.
- Always obtain official receipts from the bank when handing over cheques or instructions to a manager.
