Chargesheet filed against HDFC Bank Relationship Manager in Lucknow for fraud in UPSCIDC Account

The Directorate of Enforcement (ED) in Lucknow has provisionally attached assets worth Rs. 50 lakh in connection with a fraud involving the Uttar Pradesh State Construction and Infrastructure Development Corporation Ltd. (UPSCIDC) and HDFC Bank. The assets, in the form of fixed deposits, belong to M/s Consultshah Financial Services Pvt. Ltd. and have been attached under the Prevention of Money Laundering Act (PMLA), 2002.

Background of the Investigation
The investigation by the ED was triggered after an FIR was registered by the Uttar Pradesh Police at the Gazipur Police Station, Lucknow. The case involved unauthorized withdrawals from UPSCIDC’s bank account at the HDFC Bank’s Lekhraj Branch in Lucknow. Following the police investigation, a chargesheet was filed against Abhay Shukla, a former Relationship Manager at HDFC Bank, and Akhtar Hussain Khan, the proprietor of M/s A.R. Associates.

How the Fraud Took Place
According to the ED’s findings, fraudulent Real-Time Gross Settlement (RTGS) instructions and manipulations of customer details were used to siphon off Rs. 3.81 crore from UPSCIDC’s account into two accounts held by M/s A.R. Associates. Of this amount, Rs. 2.98 crore were withdrawn in cash over several days, while Rs. 50 lakh were transferred to M/s Consultshah Financial Services Pvt. Ltd. as an accommodation entry in cash.

Proceeds of Crime and Asset Attachment
The ED identified the siphoned money as Proceeds of Crime (POC). The provisional attachment of Rs. 50 lakh was carried out to prevent further loss or misuse of the assets. This action is aimed at safeguarding the fraudulent funds linked to the bank account of UPSCIDC.

Ongoing Investigation
The investigation is still in progress, with the ED continuing to track down and recover the misappropriated funds. Further developments are expected as the probe deepens into the roles of the involved individuals and companies.