Meerut Police has uncovered a major ATM scam involving an employee of Secure Value Company, a firm responsible for loading cash into SBI ATMs. The accused, along with his accomplice, had been misusing his position to steal money over the years.
How the Scam Was Executed
The main accused, Shubhanshu Sharma, had been working as a custodian in Secure Value Company for the past five years. His job was to load cash into SBI ATMs. Instead of depositing the full amount, he would withdraw small sums for himself. Whenever an audit was scheduled, he would cover up the missing amount by taking money from another ATM. This cycle allowed him to continue stealing without immediate detection.
Investigation and Arrest
The scam came to light on February 28, when authorities noticed a discrepancy in cash at an SBI ATM in the Cantt area of Sadar Bazar, Meerut. Upon receiving the complaint, SP City Ayush Vikram Singh formed three police teams to investigate the matter.
After thorough investigation, the police arrested Shubhanshu Sharma and his partner. During the search, they recovered ₹14.18 lakh in cash and two ATM keys used to access the machines. Additionally, the police have frozen ₹35 lakh that was deposited in Shubhanshu’s Bank of Baroda account.
Changes in ATM Cash Loading Services
During police questioning, the accused revealed that SBI had recently shifted its ATM cash loading contract from Secure Value Company to Hitachi Company. The investigation suggests that this transition may have played a role in exposing the fraud.
Legal Action Against the Accused
Meerut Police is now in the process of taking legal action against both accused individuals. They will soon be presented in court and sent to judicial custody. The police are also investigating whether any other individuals were involved in the scam.
-
-
-
-
-
-
