CCB busts online investment scam, bank manager among eight arrested

Enquiry has revealed that there were ₹97 crore worth transactions from four mule accounts and they are involved in 254 cases across the country

Following an online trading scam case, the cyber crime police have arrested a gang of eight people, including the manager of a private bank and two of his sales team members, for allegedly helping the cyber fraud to open and operate mule accounts.

The arrests were based on a complaint by a businessman from Yelahanka who had invested ₹1.5 crore of his life savings after he was lured with high returns from March to June this year. Even though the fake website showed that his investment details had earned a profit of ₹28 crore in a span of four months, he could not withdraw it. After repeated attempts, he was told to deposit ₹75 lakh as fee towards withdrawal of the amount.

Suspecting something fishy, the victim approached the police . A team of police tracked down the transactions to four accounts from a private bank in Bengaluru and arrested four account holders, including a woman from Chikkamagaluru town. The account holder told the police that they had been helped by Manohar, sales manager of the private bank, and his assistants Karthik and Rakesh, to open the account without proper verification of the documents. Further probe revealed that the accused had also allegedly roped in bank manager Kishore Sahu, offering him commission on every transaction.

Based on their confession, the police arrested the bank manager and his sales team for not doing due diligence while opening the accounts in their bank .

Kingpin operating from Dubai

The kingpin of the scam hails from Chikkamagaluru and is presently operating from Dubai with the help of Manohar, who is his old acquaintance, said the police. The kingpin would also share part of the money as commission with Manohar on every transaction, they added.

Further enquiry revealed that there were ₹97 crore worth transactions from these four mule accounts and they are involved in 254 cases across the country, City Police Commissioner B. Dayananda said .

The police have frozen the bank accounts and recovered around ₹28 lakh, while efforts are on to track down nine other accused who are holed up in other parts of the country and outside the country.

Published - October 15, 2024 06:02 pm IST