Cyber Crime
You Won’t Believe How This Yes Bank Manager Helped Cyber Crooks Launder Money
Yes Bank’s deputy manager arrested for aiding cybercriminals in a Rs. 5 lakh fraud case, revealing a shocking breach of trust within the banking sector.
MUMBAI: The Matunga police have arrested Pragati Atul Kshirsagar, a deputy manager at Yes Bank’s Thane branch, for allegedly facilitating cyber criminals in laundering money through fraudulently opened bank accounts. Kshirsagar, 27, is the sixth individual arrested in connection with a cyber fraud case that saw a senior citizen from King Circle swindled out of Rs. 5 lakhs.
Uncovering the Fraud
The case first came to light in April when the victim lodged an FIR against unidentified individuals, accusing them of posing as State Bank of India (SBI) officials to perpetrate the fraud. The complainant’s report sparked an investigation spearheaded by Police Inspector Keshav Wagh of the Matunga police.
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Investigation and Arrests
The investigation revealed that the bank accounts used by the fraudsters were held by unsuspecting individuals who were unaware of their accounts being used for illegal activities. This prompted the authorities to scrutinize the legitimacy of these accounts.
Last week, the police made headway by arresting five suspects. Rahul Umale, one of the accused, had provided his bank account details for monetary compensation. Arbaaz Shaikh, Amin Shaikh, and Rahim Shaikh were found to have used these accounts to carry out fraudulent transactions. Kalim Ansari, from Palghar, played a pivotal role, receiving a significant portion of the stolen money.
The Role of Pragati Kshirsagar
Interrogations led the police to Pragati Kshirsagar. The suspects disclosed that Kshirsagar, under pressure to meet a monthly target of opening 70 salary accounts, had failed to do so for two consecutive months. Consequently, she allegedly conspired with Amin and Rahim to open fake bank accounts. In exchange for her cooperation, she received a share of the proceeds.
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Legal Proceedings and Further Investigations
On Tuesday, Kshirsagar was presented before the Kurla court and remanded to police custody for further questioning. Authorities have so far identified six bank accounts created by her and used by the other suspects. The police suspect that more such accounts exist and are continuing their investigation to uncover the full extent of the cybercrime network.
Background of the Accused
Pragati Kshirsagar previously resided in Dharavi before relocating to Jui Nagar in Navi Mumbai. Her arrest has raised serious questions about internal banking procedures and the pressures faced by bank employees to meet targets.
Police Efforts and Community Impact
The Matunga police’s diligent efforts in unraveling this cyber fraud case highlight the growing menace of cybercrime and the importance of vigilance in the banking sector. The case serves as a stark reminder for individuals to be cautious and verify the authenticity of communications purportedly from banking officials.
As the investigation continues, the police are determined to root out all individuals involved in this elaborate fraud and ensure justice for the victims. The arrest of a bank official in such a scheme underscores the need for stricter regulatory measures and enhanced internal checks within financial institutions to prevent similar incidents in the future.