A Tailor, A Banker & A Tax Consultant – How They Ran a Rs 52.9 Lakh Credit Card Scam

Rourkela, Odisha – The Cyber Crime Police Station under Rourkela Police has successfully unearthed a large-scale credit card fraud scheme amounting to Rs 52.9 lakh.

The sophisticated financial crime, which involved forged documents, unauthorized cash withdrawals, and manipulation of financial records, was exposed following a complaint from ICICI Bank.

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How the Scam Worked

The investigation revealed that the main accused, Md. Tabrez Alam, lured individuals into applying for credit cards by falsely promising easy approvals, despite their unstable financial backgrounds. The scam involved:

• Fabrication of Income Tax Returns (ITRs) with the assistance of a Tax and Account Services Firm in Udit Nagar to help individuals qualify for high-limit credit cards.
• An ICICI Bank employee, tasked with credit card sourcing, ensuring the fraudulent applicants successfully passed eligibility criteria using these forged documents.
• The fraudsters then used the issued credit cards at select merchant establishments in Rourkela to convert credit into cash through illegal Point of Sale (POS) transactions.

Once the credit card limits were used for cash withdrawals, customers were manipulated into converting these transactions into EMIs (Equated Monthly Installments). However, these payments were often made irregularly or directly handed over to Tabrez Alam, who deducted his commission before processing them.

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Financial Trail and Key Findings

Upon further probe into bank transactions, police discovered a massive accumulation of fraudulent funds:

• Md. Tabrez Alam’s account recorded transactions worth Rs 2.7 crore between September 2023 and August 2024.
• The Chartered Accountant’s (Tax and Accounting Services) account showed deposits totaling Rs 8 crore, also traced back to fraudulent transactions.
• The fraudulent credit card transactions resulted in wrongful financial gains for the accused while causing significant losses to ICICI Bank.

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Police Action: Four Arrested, Key Seizures Made

Following an in-depth investigation, the Cyber Crime & Economic Offenses Police Team (CC & EO PS Team), led by Inspector Khitish Patra, along with Sub-Inspectors Siddharth Pradhan and Sampad Mohanty, made four crucial arrests:

1. Md. Tabrez Alam (37) – Proprietor of Libas Tailors and mastermind of the scam.
2. An Employee of ICICI Bank – Credit Card Department – Facilitated fraudulent approvals.
3. Proprietor of Tax and Account Services, Udit Nagar – Assisted in fabricating financial records.
4. Proprietor of RN Traders, Udit Nagar – Allowed illegal cash withdrawals via merchant transactions.

Seized Items

• Three POS terminals used for illicit credit card transactions.

Ongoing Investigation & Public Advisory

Authorities are conducting further investigations to identify other individuals involved in the fraudulent scheme. They are also coordinating with other agencies to determine whether this group has been involved in similar scams elsewhere.

The Rourkela Police has urged the public to remain vigilant against financial fraud and report any suspicious activities to law enforcement.

“We are committed to safeguarding financial security and ensuring justice is served. Such fraudulent activities will not be tolerated, and strict action will be taken against those involved,” said a senior police official.