Bengaluru: Koramangala police have registered two separate FIRs after employees of a cash management service firm allegedly fled with Rs 1.38 crore instead of depositing the money into designated ATMs. The cases were registered on January 19 following complaints filed by representatives of Hitachi Payment Service Private Ltd, which handles ATM cash logistics for several banks.

According to police, the accused were entrusted with large sums of cash collected from Axis Bank branches for replenishing ATMs in the area. Instead of completing the assigned task, they allegedly diverted the cash and absconded. Investigators suspect that the fraud was executed by two separate teams operating in a coordinated manner.

First FIR: Rs 57.96 lakh missing

As per the first FIR, four individuals — Praveen, Dhanasheka A, Ramakka and Harish Kumar — were assigned to collect Rs 57.96 lakh from an Axis Bank branch in Koramangala. The amount was meant to be deposited into specific ATMs as part of routine cash-loading operations.

However, the accused allegedly failed to deposit the cash and instead fled with the money. Mithun (38), a representative of Hitachi Payment Service Private Ltd and the complainant in the case, stated in the FIR that the suspects acted with the intention of cheating the company and violated the trust placed in them.

Police officials said the cash was handed over following standard operating procedures, and the deviation from the assigned route and failure to confirm ATM deposits raised immediate suspicion, prompting an internal inquiry by the firm.

Second FIR: Rs 80.49 lakh siphoned off

In the second FIR, Harish Kumar and Praveen Kumar — also named in the first case — along with another accused, Varun, allegedly took Rs 80.49 lakh from the same Axis Bank branch. This amount, too, was supposed to be deposited into ATMs under their assigned route.

Instead of completing the task, the trio allegedly fled with the cash. Police believe that the repetition of names across both FIRs indicates a larger conspiracy and prior planning. Investigators are examining whether the accused manipulated duty rosters or logistics schedules to gain access to the cash consignments.

Police suspect coordinated operation

Senior police officers said preliminary findings suggest the accused operated in two separate teams but followed a similar modus operandi. Both teams allegedly exploited their access to high-value cash consignments and the time gap between cash collection and ATM reconciliation.

“The nature of the offence suggests insider involvement and careful planning. We are examining call detail records, GPS data from cash vehicles, and internal logs of the cash management firm,” a police officer said.

Search operations underway

Multiple police teams have been formed to trace the suspects, who are believed to have gone into hiding soon after the incidents. Raids are being conducted at their known addresses and possible hideouts. Police are also coordinating with other districts to prevent the accused from fleeing the state.

Officials said efforts are underway to recover the stolen money and identify whether any additional employees or external facilitators were involved in the fraud.

Similarities with earlier cash van heist

The case bears similarities to the Rs 7.11 crore cash van heist reported in Bengaluru in November last year, where insiders allegedly played a key role in diverting large amounts of money. That incident had raised serious concerns about security protocols followed by private cash management agencies.

Following that case, police had advised firms handling ATM cash to strengthen background verification, real-time tracking, and audit mechanisms. The latest incident has once again highlighted vulnerabilities in the system.

Conclusion

The alleged Rs 1.38 crore cash fraud has put the spotlight back on the risks involved in outsourced cash-handling operations. As investigations continue, police say strict action will be taken against those responsible, while urging financial institutions and service providers to tighten internal controls to prevent such breaches of trust.