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Ahmedabad youth held for ‘banking fraud’ of over Rs 5 lakh

According to officials of the Crime Cell, Vijay Panchal (25), a resident of Saraspur in Ahmedabad, was arrested for allegedly doing a fraud of Rs 5.36 lakh against 57-year-old Sharad Kumar Chaudhary who lives in Bapunagar area of the city.

By: Express News Service | Ahmedabad | June 19, 2020 8:30:18 am
Ahmedabad Police, Gujarat Police, Gujarat Police Cyber Crime cell, India news, Indian Express According to police, the accused has been arrested under Indian Penal Code section 420 for fraud and sections of the Information Technology (Amendment) Act. (Representational Image)

A 25-year-old man has been arrested by the Cyber Crime Cell on Thursday for allegedly doing a banking fraud of over Rs 5 lakh against a city-based citizen by changing the registered mobile phone number of the victim’s bank account.

According to officials of the Crime Cell, Vijay Panchal (25), a resident of Saraspur in Ahmedabad, was arrested for allegedly doing a fraud of Rs 5.36 lakh against 57-year-old Sharad Kumar Chaudhary who lives in Bapunagar area of the city.

“Kumar submitted a complaint on Wednesday that recently when tried to file his income tax returns, he realised that an amount of Rs 5,36,974 was withdrawn from his IDBI account between October 2018 and April 2019, in different installments. He claimed that he never received the One Time Password (OTP) on his phone number before any of the withdrawals. After filing a case, we started investigating and found from the IDBI bank that the phone number registered with the account of the victim was changed in 2018 with another number. That new number was traced to the accused Vijay Panchal who then confessed to have done the fraud,” said an officer of the Ahmedabad Cyber Crime Cell.

According to police, the accused has been arrested under Indian Penal Code section 420 for fraud and sections of the Information Technology (Amendment) Act.

“Vijay Panchal has been a student of BBA marketing and he has prior worked in the billing section of a shop in Ahmedabad,” said the official.

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