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Axis Bank Junior Manager arrested for opening fake trading account


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Noida: In a major breakthrough, the police have apprehended two fraudsters, one of whom is a junior manager at Axis Bank, for their involvement in a significant financial scam. The fraudsters managed to deceive unsuspecting victims of a staggering amount of Rs 48.50 lakh under the guise of share trading. The junior manager, identified as Rakesh Mishra, played a pivotal role in aiding the cyber fraudsters by facilitating the creation of a fake trading account. During the arrests, the police also recovered mobile devices and froze Rs 3.25 lakh in their accounts.

This operation was part of an ongoing investigation by the cyber crime team, which is actively pursuing the mastermind behind this fraudulent scheme, as well as other individuals implicated in the criminal gang.

The modus operandi employed by these cyber fraudsters involved the establishment of a counterfeit trading platform, through which they targeted a resident of Noida, defrauding him of Rs 48.50 lakh. The victim promptly reported the incident, leading to the registration of a case at the cyber crime police station in Noida. The recent arrests of Rishabh Mishra, a resident of Jaunpur, and Dheeraj Porwal, hailing from Auraiya, took place in Sector-41 on Wednesday.

Rakesh Mishra, the junior manager at Axis Bank’s Jalvayu Vihar branch in Sector-25, holds a Bachelor’s degree in Computer Applications from Jaipur. Meanwhile, Dheeraj Porwal, one of the accused, has been found to possess fraudulent business credentials. During their interrogation, it was revealed that the fraudsters, in collaboration with other gang members, executed their scams by utilizing fraudulent trading platforms. The ill-gotten funds were then transferred to accounts opened under the names of fictitious companies. These criminal activities were executed in exchange for a commission received by the perpetrators.

To further their illicit operations, the arrested individuals rented a shop in New Ashok Nagar, Delhi, by fabricating a rent agreement under the name of Porwal Traders. Posing as legitimate traders, they opened accounts for RK Traders and other fictitious firms involved in the fraudulent activities. The shop’s address was utilized to prepare banners and seals for various companies, facilitating the opening of accounts in multiple banks. The proceeds from their fraudulent activities were subsequently transferred to these accounts.

As the investigation continues, the cyber crime team remains committed to apprehending all involved parties and dismantling the criminal network responsible for this elaborate financial fraud.

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