Banks must verify Transactions with all Account Holders; One Company Director withdrew money using Forged Sign
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Ghaziabad, Uttar Pradesh: A software engineer living in the Indirapuram police station area has alleged that a fraudulent signature was used to transfer around ₹1.29 crore from bank account of his company. The victim filed a fraud case in the court. Following a court order, the victim filed a report against one of the accused and employees of a private bank.
Akash Singh Gaur, a software engineer living in Shaktikhand 2, Indirapuram, works for a company in Noida. He said he met Ranjeet Kumar in 2022. They became friends, and later, in 2024, Ranjeet made him a director in a travel company.
It is alleged that Ranjit Kumar took a total of 3.5 lakh rupees from him in various installments under the pretext of investing money in a travel company. While he was in Lucknow, Ranjit Kumar showed him as present at a board meeting in November 2024, despite his absence.
Additionally, the accused forged a signature and transferred the account from the Delhi branch of a private bank to the Indirapuram branch. He updated his mobile number in the account and provided net banking access to his associates. In November 2024, transactions totaling ₹1.29 crore were made from this account to various accounts.
This incident is a strong reminder for bank employees to strictly follow banking rules and procedures. Employees must properly verify transactions and requests involving account holders. Some employees fail to carry out proper verification, while others verify details only with the primary account holder. However, wherever required under banking rules, transactions and requests must be verified with all relevant joint account holders or authorised directors of a company. In this case, if the bank employees had properly verified the account transfer request or mobile number updation request in accordance with the applicable procedures, the incident might have been prevented.
