Indore Police have uncovered a major banking fraud involving employees of ICICI Bank, who misused the banking system to steal crores of rupees from account holders. The scam targeted around a dozen businessmen from Punjab, Gujarat, Telangana, and Indore. Police from Vijay Nagar station arrested four individuals, including employees of ICICI Bank’s Winway World Office in Vijay Nagar, for their involvement in the fraud.
Modus Operandi of the Fraud
The accused, led by mastermind Kamal Kumawat, exploited the bank’s internal systems to access customer accounts. Kamal, a relationship manager at the bank, misused the software, which allowed him to view customers’ OTPs and user IDs. He reset passwords for high-balance accounts and used the access to make online purchases, including expensive mobile phones like the Apple iPhone 16 Pro Max, Samsung S24 Ultra, and gold worth lakhs of rupees.
Kamal was assisted by his colleague Abhishek Malviya and their accomplice Lovedeep Singh. To carry out the fraud, the gang procured fake SIM cards from Andhra Pradesh to mislead investigators about their location. Lovedeep traveled to Andhra Pradesh to destroy the SIM cards after the transactions were completed.
Investigation and Arrests
ICICI Bank filed a complaint at Vijay Nagar Police Station, reporting unauthorized online transactions from several current accounts. An FIR (No. 851/24) was registered under fraud-related sections, and a special investigation team was formed. The team, led by Police Station Incharge Chandrakant Patel, worked under the guidance of senior officers, including Deputy Commissioner of Police (Zone 2) Abhinay Vishwakarma and Additional Deputy Commissioner of Police Amarendra Singh.
On January 8, 2024, the police arrested four individuals: Kamal Kumawat, Abhishek Malviya, Stanley Jacob, and Lovedeep Singh. They seized stolen items worth approximately ₹20 lakh, including high-end smartphones, smartwatches, and gaming consoles. Additionally, ₹52 lakh was returned to the affected account holders.
Details of the Crime
The accused used the bank’s software to identify high-balance accounts and reset their passwords. They then made unauthorized purchases and even invested in e-gold through the Tanishq app. The gang’s strategy included using fake SIM cards to create a false trail, making it appear as though the transactions were conducted from Andhra Pradesh.
Police Statement
The police revealed that the accused were well-versed in the bank’s internal systems and exploited this knowledge for personal gain. The swift investigation and arrests were made possible due to the coordinated efforts of the police team and the bank’s cooperation.
Conclusion
The incident highlights the risks of internal fraud in banking systems and the need for stricter monitoring mechanisms. The arrests have brought some relief to the victims, as their stolen funds were recovered, but the case serves as a cautionary tale for financial institutions and customers alike.
