Bengaluru Bank Manager Arrested for Rs 2.66 Crore Fraud on Businessman

Bagalgunte police have arrested three individuals, including an Axis Bank branch manager, for orchestrating a Rs 2.66 crore fraud against a local businessman. The accused are Vinod Kumar, the manager of Axis Bank's Bagalgunte branch, along with Arun Kumar and Kiran.

The victim, Subramani, runs a transport and manpower agency in Bengaluru, handling monthly transactions exceeding Rs 10 crore. According to police, Vinod Kumar noticed the businessman's high-volume banking activity and devised a scheme to siphon funds. He obtained a fake SIM card in someone else's name and opened fraudulent bank accounts at his own branch, listing them as accounts for laborers.

Vinod then contacted Subramani via WhatsApp, claiming he had influence to secure a lucrative contract worth approximately Rs 30 crore. Believing the offer was genuine, Subramani agreed to pay a 10 percent commission. He transferred Rs 2.66 crore through RTGS into the fake accounts Vinod had created. After receiving the money, Vinod switched off his phone.

Suspicious of the transaction and unable to reach Vinod, Subramani filed a complaint at Bagalgunte police station. Investigators used technical clues to trace the fraud. They arrested Vinod Kumar, Arun Kumar, and Kiran, all of whom are now in custody. Police are probing whether more individuals were involved in the scheme.

The arrest highlights growing concerns about financial fraud involving bank insiders in Bengaluru. Officials urge business owners to verify large transaction requests independently.

📰 Source: Udupi Times