Bengaluru bank manager, 7 others held in nationwide share trading scam
The police uncovered the scam while investigating the complaint of a Yelahanka resident who claimed that claiming that he was defrauded of Rs 1.5 crore.
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(L-R) Kishore Sahu, the manager of Axis Bank's Nagarabhavi branch and sales manager Manohar. (Express)The Bengaluru city police announced on Tuesday that they arrested eight people, including a bank manager and three sales executives, for allegedly siphoning off money from several bank accounts, with transactions worth Rs 97 crore across the country.
The arrested have been identified as Kishore Sahu, the manager of Axis Bank’s Nagarabhavi branch; sales manager Manohar; sales executives Karthik and Rakesh; mule account holders Lakshmikanth, Raghu Raj, Kengegowda, and Mala. Police Commissioner B Dayananda on Tuesday said that they are looking for three more accused.
According to a police officer, a Yelahanka resident filed a police complaint with the CEN police station on 1 July, claiming that he was defrauded of Rs 1.5 crore. The victim received a message on WhatsApp in March and was added to a trading training group. He was then added to a VIP trading account and was lured with the promise of making 10 times the profit on his investment.
The victim stated that he initially deposited Rs 50,000 into their trading account. Within a couple of days, the amount appeared to have doubled in their VIP trading account. Hoping to make a large profit, he transferred Rs 1.5 crore in various transactions between March and June of this year.
The trading account showed that he had earned Rs 28 crore. However, when he tried to withdraw the money, he was asked to pay a Rs 75 lakh fee for server management. Sensing something suspicious, the victim filed a complaint with the police.
The police found the money was transferred to two current accounts registered with the Nagarabhavi branch of Axis Bank. The accounts belonged to people who resided in Chikkamagaluru. Upon questioning, bank manager Sahu did not submit any business documents or residential proof.
Later, it was found that four more such bank accounts existed in the same bank. The total transactions on these four bank accounts were worth about Rs 97 crore. The police took custody of Sahu and other bank employees. Upon interrogation, they uncovered a network of corruption.
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