Odisha: Axis Bank Relationship Manager Arrested for Rs 2.3 Crore Fraud

A Relationship Manager at the Cuttack branch of Axis Bank has been detained by the Odisha Crime Branch's Criminal Investigation Department (CID) on suspicion of scamming an elderly person out of Rs 2.3 crore. After a thorough examination into claims of financial impropriety, the Relationship Manager was taken into custody.

A senior citizen filed the complaint.
When an elderly customer with a privileged account at the Badambadi branch of Axis Bank filed a complaint, the situation came to light. She was allocated a Relationship Manager after her spouse passed away because of her lack of experience with banking and investing procedures.

According to reports, he developed a trustworthy relationship with the woman and would often visit her home while posing as someone who could help her with banking procedures. He handled her accounts and sent her quarterly bank account statements via her cell phone. Citing greater returns, he convinced her to move her savings into a fixed deposit and had multiple signatures from her.

Fraud discovery
When the bank's loan department contacted the complaint about an overdraft loan that she was unaware of, the fraud was discovered. After investigating, she found that her fixed deposit account had been used for illicit withdrawals of Rs 2.3 crore. Money had been sent to an unidentified person's account through a sequence of transactions.

After more research, it was discovered that the stolen money had been moved to an HDFC Bank account before being transferred to other accounts under the manager's control. In order to obtain total access and control over the account, it was also discovered that he had altered the registered mobile number.

The Fraud Method
According to CID officials, the manager, who has worked for the bank for 20 years—six of those years were at Axis Bank—abused his position to gain the confidence of clients. According to reports, he opened many savings accounts to help with the money theft. According to the evidence, about Rs 1 crore of the money that was scammed was used to buy insurance policies in the names of people who were close to him.

Official Declaration
The accused manipulated the account holder and embezzled money by using his position as a relationship manager. He planned the fraudulent transfers using the private information he had access to about his customers. According to investigations, Rs 1 crore was used for insurance plans and other personal perks, a CID official said.

Arrest and Continued Examination
The Relationship Manager was taken into custody and is still being held while the inquiry is ongoing. His financial documents, cell phone, and other evidence have been confiscated by the authorities. The Cyber Crime Unit of the CID is still looking for any collaborators and tracking down the remaining cash.

The event emphasizes how crucial it is to exercise caution when making financial transactions, especially for those who are more susceptible. To prevent fraud, authorities have advised the public to routinely check account statements and report any odd activity.

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