Tripura: Rs.16 Crore Fraud Exposed in Agartala Municipal Corporation’s UCO Bank Account

Update

Police have arrested a cashier from UCO Bank branch. She has been identified as Ramayani Shrimayi, a resident of Nowgaon district in Assam. Police, however, have not provided details of her alleged connection with the scam. As per sources, she provided technical support to the scamsters.

The UCO Bank has already paid back the embezzled fund to the AMC account as demanded by Mayor Dipak Majumder. Bank officials said they are cooperating with the police to track down the scammers and prevent such occurrences in the future.

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Agartala: A big scam of Rs.16 crore has been reported in the account of Agartala Municipal Corporation (AMC) account at UCO Bank. Tripura Police have started a major investigation into a massive financial scam of over ₹16 crore siphoned from the Agartala Municipal Corporation (AMC) account at UCO Bank. The fraud came to light on Thursday, but no arrests were made within the first 24 hours. Initial findings suggest possible involvement of bank employees.

How the Fraud Happened?

Between August 5 and September 2, fraudsters managed to withdraw funds from AMC’s account by using cloned cheques. These cheques carried genuine AMC cheque numbers but were never actually issued by the corporation.

The fraud was carried out through RTGS transactions, totaling ₹16,38,43,300, according to the FIR filed by UCO Bank’s Zonal Head, Sanjib Roy, at West Agartala Police Station. At least six forged cheques were used, each with authentic-looking signatures of AMC’s CEO, raising serious concerns about how fraudsters accessed specimen signatures. An unidentified man, posing as an AMC representative, visited the UCO Bank branch multiple times to submit these forged cheques. CCTV footage captured his movements.

AMC officials confirmed that the cheque numbers used in these transactions remain intact in their own records. This confirms that the cheques were cloned copies, not originals. UCO Bank managed to freeze one account, but nearly ₹14 crore had already been diverted into multiple company accounts. Investigators believe that the masterminds behind the fraud are operating from outside Tripura.

AMC had already informed UCO Bank earlier that no RTGS transactions were authorized on the given dates, yet the fraudulent transfers still went through.

Investigation Underway

Police officials said that the investigation is progressing and several suspects have been questioned. They suspect insider involvement at both AMC and UCO Bank.

Bankers Must Stay Extra Vigilant with Government Accounts

Government accounts hold large sums of public money, making them prime targets for fraudsters. Recent scams show how cleverly criminals use forged documents, cloned cheques, and impersonation to siphon off funds. Bankers need to exercise extreme caution while dealing with such accounts.

• Verify Every Transaction: Large withdrawals or RTGS transfers from government accounts should be thoroughly cross-checked with the concerned department before approval.
• Check Signatures Carefully: Fraudsters often use cloned cheques with genuine cheque numbers. Always compare signatures with specimen records and escalate even the slightest mismatch.
• Strengthen KYC & Monitoring: Ensure that accounts receiving government funds are genuine. Monitor unusual transactions, especially when sudden large credits appear in accounts with little prior activity.
• Use Dual Confirmation: For high-value transactions, adopt a system of dual verification — both from the government department and senior bank officials.
• Be Alert to Impersonators: Fraudsters may pose as government representatives. Always demand official authorization letters and verify them through independent channels.
• Escalate Suspicious Activity Quickly: Any irregularity, delay, or unusual request should be immediately reported to higher authorities and the bank’s fraud monitoring cell.

Remember, negligence in handling government accounts not only causes huge financial loss to the exchequer but also damages the credibility of the banking system. A few minutes of extra verification can prevent a scam worth crores.