3 Kotak Mahindra Bank Managers Arrested in Gurugram for Opening 2000 Fake Accounts for Cyber Fraud

In a shocking case of cyber fraud aided by bank insiders, three managers of Kotak Mahindra Bank’s MG Road branch have been arrested by the Gurugram police. The managers – identified as Mohit Rathi (25), Mahesh Kumar (27) and Vishwakarma Maurya (28) – allegedly helped open over 2000 fake bank accounts in the past 7 months to enable a gang of cyber criminals route stolen money.

Contents hide

1. Modus Operandi

2. Commission for Accounts

3. Complaint Triggers Probe

4. More Arrests

5. Investigation on Scale of Fraud

6. Updation from Kotak Mahindra Bank

Modus Operandi

According to police, the modus operandi involved opening bank accounts under fake names, replacing genuine customer phone numbers with fraudulent ones, and providing debit cards and PINs to the gang members. The managers used fake SIM cards to authenticate and activate the sham accounts.

Commission for Accounts

Police revealed that the bank executives received commissions to the tune of Rs 15,000 for every such account opened by them for the gang.

Complaint Triggers Probe

The racket surfaced when a retired BSF personnel filed a cheating complaint in November 2022 regarding Rs 10,000 fraudulently withdrawn from his account. Further investigation by the cyber crime cell exposed the role of the bankers.

साईबर ठगों को बैंक खाते उपलब्ध कराने वाले कोटैक महिन्द्रा बैंक के 03 मैनेजर सहित कुल 04 आरोपी #गुरूग्राम_पुलिस ने किए गिरफ्तार,

आरोपियों के कब्जा से 02 मोबाईल फोन बरामद।@DGPHaryana @police_haryana pic.twitter.com/ixuCKJS9cc

— Gurugram Police (@gurgaonpolice) February 27, 2024

More Arrests

Apart from the Kotak managers, police have also arrested one Mohammad Hayat (22), who acted as the interface between the gang and the bank employees. Hayat has revealed that he was in touch with the kingpin of the cyber fraud gang based in Nuh, Haryana.

Investigation on Scale of Fraud

While the cyber crime police estimate that over Rs 2 crore was routed through the 2000 fake accounts, the full scale of the fraud is still being ascertained. Police are probing whether more bank employees were complicit and are contacting former employers of the arrested managers.

The shocking arrests have exposed the vulnerability of banks to insider frauds. Police have warned citizens to stay alert regarding unexplained transactions and report any suspicious activity. The law will take its course with the accused managers who betrayed their institution and the trust of customers.

Updation from Kotak Mahindra Bank

“Three employees are being investigated by the Cyber Crime Police Manesar, Gurugram based on a complaint filed by an individual for defrauding him. The police is investigating the complaint. Our commitment to security and compliance remains unwavering and we are cooperating with the authorities in the investigation”, Spokesperson, Kotak Mahindra Bank