A shocking case of bank fraud has come to light as the MIDC police arrested an employee of a private bank for embezzling over Rs 2.05 crore through fraudulent transactions. The arrested employee has been identified as Sagar Mohan Mishra, who worked as a UPI reconciliation officer at the bank’s Andheri branch. Meanwhile, five other bank employees suspected of being involved in the scam are absconding, and the police have launched a search to track them down.
How the Fraud Was Carried Out
According to police reports, the fraudulent activities took place between April 3, 2023, and November 4, 2024. The accused employees allegedly conspired to transfer money from the bank’s major accounts into third-party accounts without authorization. Mishra and his accomplices manipulated UPI reconciliation processes, which are meant to verify and match transaction data.
The bank’s internal investigation uncovered the fraud after detecting irregularities in transactions. An internal audit revealed that Rs 2.05 crore had been siphoned off and transferred into personal accounts belonging to the accused employees and their relatives.
Key Suspects and Role of the Accused
The police have identified the key suspects in the case:
- Rishabh Yadav – Worked in the UPI reconciliation unit.
- Ajay Yadav – Also part of the UPI reconciliation unit.
- Shyamsundar Chauhan – From the bank’s partner acquiring unit.
- Siddhesh Patnaik – Alleged mastermind behind the fraud.
- Vikky Shinde – Member of the UPI dispute unit.
Patnaik allegedly used Shinde’s login credentials to carry out unauthorized fund transfers. Once the money was transferred, the accused withdrew it in cash and divided it among themselves. For instance, Ajay Yadav received Rs 7.17 lakh, Rishabh Yadav got Rs 7.36 lakh, and Chauhan took Rs 1.77 lakh.
Mishra’s Role in the Fraud
Mishra, the arrested employee, reportedly demanded Rs 29 lakh from Patnaik in exchange for keeping quiet about the fraudulent activities. Additionally, he helped Patnaik conceal the transactions by creating a network of bank accounts using the identities of his friends and family. These accounts were used to route the stolen money, making it difficult to trace.
Police Investigation and Next Steps
The MIDC police are intensifying their efforts to catch Patnaik and the other absconding suspects. Investigators are also working to identify additional beneficiaries and accomplices involved in the scam.
“We are conducting further investigations to uncover the full extent of the fraud and track down the missing suspects,” said a police officer.
