Hyderabad: A major financial fraud has come to light involving Axis Bank’s Begumpet branch in Hyderabad, where officials have allegedly siphoned off ₹6.5 crore from the account of Paritosh Upadhyay, an Overseas Citizen of India (OCI) residing in New South Wales, Australia.
The fraud reportedly occurred over a span of two years, during which Upadhyay’s premium account was systematically targeted. According to the police, several high-ranking officials from the branch were involved, including former branch head Sridevi Raghu, senior partner Venkataramana Pasarla, service partner Surekha Saini, senior vice-president Hari Vijay, and others. These individuals have been charged with serious offenses such as cheating by impersonation, cheating by fraudulent means, criminal breach of trust by a banker, forgery, and forgery by electronic means.
Details of the Fraud
Upadhyay claims that the accused officials forged his signatures to withdraw significant amounts from his account without his consent. Additionally, they allegedly misused loose-leaf cheques and conducted unauthorized transactions without obtaining any written instructions from him.
Despite the enormity of the fraud, Upadhyay stated that he reported the crime to the bank’s management two years ago. However, the bank allegedly failed to take any concrete action to resolve the matter or hold the responsible officials accountable. Frustrated by the inaction, Upadhyay approached the police, leading to the registration of a formal case.
Legal Charges Against the Accused
The accused have been charged under multiple sections of the Indian Penal Code (IPC), including:
- Cheating by impersonation (Section 419): Deceiving the account holder by impersonating his identity.
- Criminal breach of trust by a banker (Section 409): Misusing their position of trust to commit financial irregularities.
- Forgery (Section 465): Falsifying documents to withdraw funds.
- Forgery by electronic means (Section 468): Using fraudulent electronic signatures or means to carry out the fraud.
Victim’s Statement
Upadhyay expressed his frustration and disappointment, saying that he had waited for two years for the bank to act on his complaint but received no resolution. He stated that the fraud deeply violated his trust in the banking system, particularly as it involved senior officials in a position of responsibility.
Implications and Investigation
The case has raised concerns about the security protocols of Axis Bank and the safeguards for premium account holders. Authorities are now conducting a detailed investigation into the fraud, examining the role of each accused official and assessing the bank’s internal systems for lapses.
The police are working to recover the siphoned funds and ensure accountability for those involved. Meanwhile, Axis Bank is expected to cooperate with the authorities and address the concerns raised by the victim and the public.
This case highlights the critical need for stringent oversight in banking operations and the importance of protecting customers, particularly non-resident account holders, from fraudulent practices.
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