Ghaziabad: Police in Uttar Pradesh’s Ghaziabad district have arrested one employee of Punjab and Sind Bank on embezzlement charges involving embezzlement of approx ₹65 crore from several customer accounts.
The accused, identified as 29-year-old Somil Tiwari, allegedly used the stolen funds to trade in the stock market, police said on Saturday.
The investigation was initiated following a formal complaint filed on November 21 by Himanshu Gupta, branch manager of Punjab and Sind Bank. The large-scale fraud was initially uncovered after a customer reported a bounced cheque, prompting a closer inspection by senior bank officials.
Modinagar Assistant Commissioner of Police (ACP) Amit Saxena told the agency that Tiwari “used customers’ investment funds to trade in shares, incurring heavy losses which he tried to cover by withdrawing money from the accounts”.
During police interrogation, Tiwari confessed to the crime. He admitted that he deliberately targeted customer accounts that showed minimal activity. His method involved creating fictitious bank accounts and then draining the target’s accounts through fraudulent real-time gross settlement (RTGS) transfers and check abuse.
Tiwari has been formally arrested and police said further investigations into the full extent of the fraudulent activities are still ongoing.
Delhi Police busts forex scam linked to Dubai
In November, Delhi Police arrested three people, including a business manager of a private bank, for alleged links to an inter-state syndicate involved in large-scale forex trading a scam run by manipulators based in Dubai, according to the news agency PTI.
According to the police, the accused have been identified as Anurag Kumar, an account provider for mules; Zeeshan Syed, sales manager at a private bank; and Himanshu Gupta, a key manipulator involved in cheating and forgery in the past. They were allegedly part of a network that created shell companies and opened several checking accounts for mules to layer and launder the proceeds of investment fraud.
The gang lured victims through social media groups and used rigged dashboards to display fictitious forex trading profits.
Victims were manipulated with fake returns to repeatedly deposit money, which was then routed through a layered network of accounts created under entities such as “Rebootz Sync Professionals Pvt Ltd” and “ThinkSync Professionals Pvt Ltd,” police said.
They further said that the entire banking suites of these companies – including ATM cards, check books, account-linked SIM cards and online banking credentials – were handed over to cybercriminals operating out of Dubai. Currently under the scanner is a handler identified as Abdul, aka Vickey.
