Axis Bank Staffer Arrested For Duping NRI of Rs 6.5 crore
Bank manager held for ₹6.5 crore fraud on NRI
Hyderabad: The Panjagutta police on Sunday arrested the relationship manager of a bank for duping an Australia-based non-resident Indian customer of Rs 6.5 crore by forging his cheques and siphoning funds from his investments. While he was abroad, Upadhyay invested around Rs 6.30 crore, in property, stocks, insurance policies, and mutual funds in the name of his five family members and himself on the advice of the accused.
During this period, the accused gained his trust, collected around 42 loose cheques, allegedly forged signatures and withdrew large sums from fixed deposits, mutual funds and savings, diverting the money into multiple accounts, police said.
The victim approached the police in 2024 after discovering the fraud. In his complaint, he said that his accounts were closed without his knowledge, and the bank did not respond to his requests. He also alleged that funds from his accounts were transferred into multiple accounts.
Police said there are allegations of involvement of senior branch officials and operations staff, which are being examined. The accused has been booked for breach of trust, forgery and criminal intimidation. He was arrested by a special team and produced before a court for judicial remand. Police said his statement is being recorded, and a petition for police custody will be filed.
An Axis Bank spokesperson said, "Axis Bank maintains a zero-tolerance policy towards any conduct that violates its policies or code of ethics. The individual concerned is no longer associated with the Bank. The matter is currently under investigation, and the Bank is extending full cooperation to the relevant authorities."
