In a shocking financial fraud case, the Bengaluru police have unearthed a Rs 12-crore scam allegedly orchestrated by a bank employee. The incident highlights severe lapses in financial monitoring and raises concerns about internal security within banking institutions.
The accused, an employee of a reputed private bank, reportedly exploited their position to siphon off funds over a prolonged period. The fraudulent activities came to light during an internal audit conducted by the bank’s compliance department.
Police investigations revealed that the employee manipulated customer accounts and transferred money into fake accounts created under forged identities. These accounts were used to withdraw the embezzled funds in cash or through fraudulent transactions.
The fraud was discovered when several customers raised concerns over unauthorized transactions in their accounts. An immediate probe was launched, leading to the revelation of the Rs 12-crore scam.
Bengaluru police acted swiftly, collecting evidence from the bank’s records and arresting the employee involved. “We have identified the modus operandi of the accused and are working to recover the stolen funds,” said an official from the Bengaluru crime branch.
The bank assured affected customers that their funds would be restored and emphasized its commitment to resolving the issue promptly. However, the incident has caused widespread panic among account holders, urging them to review their financial transactions and security measures.
This case has brought attention to the need for stronger internal controls within banks. Authorities have urged financial institutions to conduct frequent audits, enhance cybersecurity, and implement robust background checks for employees handling sensitive data.
The accused is currently in custody and will face legal proceedings under charges of criminal breach of trust and forgery. Meanwhile, the police are extending their investigation to determine if more individuals were involved in the scam.