Police in Chhattisgarh’s Raipur have arrested another accused in a case involving the unauthorized withdrawal of ₹14.97 lakh from a bank account. The accused has been identified as 27-year-old Yogesh Yede of Balaghat, Madhya Pradesh. According to police, the fraud proceeds were transferred to his bank account and later withdrawn in cash from a bank branch. The bank’s former Deputy Manager, Kuldeep Singh Bisen, has already been arrested in connection with the case.
According to the police investigation, the accused allegedly targeted a bank account that had seen very few transactions for a long period. They allegedly used a fake Customer Form to change the Registered Mobile Number linked to the account. After the number was changed, the Mobile Banking transaction limit was increased, following which the Fixed Deposit (FD) held in the account was allegedly broken and the proceeds transferred to another bank account.
Registered Mobile Number Changed Using Fake Form
Police said ₹14,97,451 was withdrawn from the victim’s bank account without their knowledge or authorization. The investigation reportedly found that the accused first obtained information related to the account and then allegedly used a forged Customer Form to change the Registered Mobile Number in the bank’s records.
After the Mobile Number was changed, the accused allegedly gained control over Banking Alerts and Digital Banking access associated with the account. The Mobile Banking transaction limit was subsequently increased. According to investigators, the FD in the account was prematurely closed and the resulting funds were transferred to another Bank Account.
FD Proceeds Transferred to ‘Indian Sales’ Account
The investigation found that the money released after breaking the FD was transferred to an account operated in the name of ‘Indian Sales’, which police linked to accused Yogesh Yede. The money was subsequently allegedly withdrawn in cash through a Self Cheque from an Axis Bank branch in Pandri.
Police traced the Financial Trail by examining Bank Transactions and Account Records. After records reportedly showed that the fraud proceeds had reached Yede’s account and were subsequently withdrawn in cash, police arrested him.
The accused was produced before a court and sent to Central Jail Raipur under judicial orders. Police are now investigating the involvement of other suspects and their possible roles in the alleged banking fraud.
Banking Process Allegedly Exploited for Fraud
Cybercriminals do not rely only on OTPs or Phishing Links. They can also exploit weaknesses in banking procedures. Changing the Mobile Number linked to an inactive account, increasing transaction limits and subsequently transferring money from an FD or Savings Account can potentially form part of a Financial Fraud operation.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said that the Mobile Number linked to a bank account is an important component of Digital Banking Security. He cautioned that if a customer receives an alert about a Mobile Number change that they did not request, it should be treated as a serious warning sign and the bank should be contacted immediately.
Prof. Triveni Singh also stressed the importance of regularly monitoring Bank Accounts that have remained largely inactive. Customers should periodically check their Account Statements, Registered Mobile Number, FD Details and Banking Alerts. Ignoring an unauthorized change can potentially give fraudsters an opportunity to access funds held in the account.
Do Not Ignore Mobile Number Change Alerts
If a customer receives an SMS or Email stating that the Mobile Number linked to their Bank Account has been changed without their request, they should immediately contact the bank through its official Branch or Customer Care channel.
Customers should never share their OTP, ATM PIN, UPI PIN, Internet Banking Password or other Banking Credentials with unknown individuals. They should also regularly review their account and FD details even when there have been no recent transactions.
Any unauthorized Transaction or suspicious change in the account should be reported to the bank immediately and brought to the attention of the relevant Cybercrime Authorities.
Police Investigating Role of Other Suspects
Police are currently examining Banking Records to identify additional links in the alleged Fraud Network. Investigators are trying to establish who else was involved in changing the Mobile Number, breaking the FD, transferring the money and withdrawing the cash.
Digital Evidence, Account Records and Financial Transactions are being examined to reconstruct the complete Money Trail. Further legal action will be taken based on the evidence and facts that emerge during the investigation.
