Bank Scam Unearthed: Relationship Manager Leads ₹12 Crore Fraud

Bengaluru police have arrested a relationship manager from a prominent bank and three accomplices from Gujarat for allegedly embezzling ₹12 crore from the accounts of Dreamplug Paytech Solutions, the operator of Cred, a credit card payment rewards platform.

Narasimha Vasanth Sastry, a senior executive at Dreamplug, reported the crime. The accused include Vaibhav Pithadiya, 29, a manager at Axis Bank in Rajkot; Parmar Neha Ben Vipulbhai, 26, a Surat-based banking agent; Shailesh, 29, an insurance agent; and Shubham, 26, a commission agent.

Dreamplug discovered the fraud on November 12 after noticing irregular activity in its corporate and nodal accounts at Axis Bank. Investigation revealed that the criminals exploited vulnerabilities by submitting forged documents, such as counterfeit board resolutions and altered signatures. They also manipulated contact details linked to the accounts, including email addresses and mobile numbers, to intercept OTPs for transactions.

The fraud, executed through 37 transactions between October 29 and November 11, began with suspicious requests made at Gujarat branches in Ankleshwar and Surat. Despite clear inconsistencies, including the use of personal emails and numbers, the bank approved the changes.

Police identified Vaibhav as the mastermind who exploited dormant user IDs. Neha provided sensitive data, Shailesh created fake documents, and Shubham facilitated money laundering through 17 mule accounts in different banks.

Dreamplug has urged stricter banking protocols to prevent such breaches.

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