Leading private bank cheated of over ₹5 crore in Vijayawada

Vijayawada: A major financial fraud involving ₹5.28 crore has come to light in the city, where fraudsters allegedly cheated Axis Bank by creating fake accounts using forged documents. The scam, now under investigation, is believed to have been carried out over several years, according to details mentioned in the FIR.The case, registered under sections 340(2), 318(2) of the BNS and section 66-D of the IT Act, points to a well-organised operation that began as early as Sept 2019. The fraudsters reportedly opened multiple savings accounts across three branches of the bank at Benz Circle (Matha Towers), Gunadala, and Eluru Road using forged Aadhaar cards, and fake salary slips and address proofs.The accused are said to have created an illusion of genuine financial activity by crediting fake salaries into these accounts. They then availed digital personal loans and credit cards, ultimately diverting the funds and defaulting deliberately.According to the complaint filed by senior officials of the bank, including its vice-president DV Pawan Shanker, the fraud involved siphoning off ₹2.19 crore from the bank's Benz Circle branch, ₹1.76 crore from Gunadala, and ₹1.31 crore from its Eluru Road branch, totalling ₹5.28 crore.Police suspect the fraudsters to be technically sound as they seem to have used advanced digital methods and impersonation techniques to execute the scam without immediate detection. Cybercrime police have launched a detailed probe to identify the accused and trace the diverted funds.Officials say the case highlights serious vulnerabilities in KYC verification and digital lending systems, prompting calls for stricter safeguards to prevent such large-scale financial frauds in the future. Cybercrime police have registered a case and are tracking the transactions made by the accused.