The Economic Offences Wing (EOW) of Delhi Police has arrested six persons, including four former employees of HDFC Bank, for allegedly committing a fixed deposit (FD) scam while cheating the director of a private company of Rs 5 crore, said sources.
Among those arrested earlier this week is Vimal Barot, vice-president of Mumbai-based Showman group, and investigators are looking into the role of a manager of a private bank in Mumbai and she may be arrested, the sources added.
Taj Hassan, Special Commissioner of Police (EOW), confirmed the arrests Wednesday. “The case was registered in 2014 and we have made the arrests after detailed investigation,” he added.
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Sources said Barot had been arrested earlier by the CBI for allegedly cheating the Malabar Hill branch of Dena Bank as well as seven private organisations to the tune of Rs 220 crore in Mumbai.
The four former employees of HDFC bank arrested in the case were identified as Rishabh Pathak (35), Sulav Rastogi (32), Barun Kumar (32) and Manoj Upreti (32), added the sources. Another person arrested in the case is also former employee of a private bank, said sources.
On the arrests, the Corporate Communication department of HDFC Bank said, “As of now, they are not employees of the bank.”
A source familiar with the case said, “The accused were running their racket from 2009 to 2015 and the amount could get bigger, with police expecting more customers to come forward and register complaints.”
How they pulled it off
Sources said the accused would approach a customer after assessing the person’s bank balance and urge him/her to open FDs with public sector banks with the offer of slightly higher rate of interest.
“After procuring the payment cheque and other related documents, they would assure that the papers would be handed over to the relevant department. But then they would open an FD account in their name, but give fake receipts and use the original ones to open accounts with forged documents. Then they would transfer the overdraft amount to their accounts and start leverage investment on gold bond scheme,” said a police source.
The case in which the arrests were made was registered on the complaint of a man on July 28 in 2014.
The complainant claimed Barun Kumar, employee of HDFC Bank, approached him and said he and his colleagues would be able to facilitate an FD account in Punjab National Bank at 9.25 per cent, a higher rate of interest than advertised. “The accused took a cheque for Rs 5 crore from the complainant. Later, the complainant came to know Kumar had opened a fake account and he was getting a lower rate of return than promised,” said a senior police officer.