Mumbai: Chip manager ‘rigged’ credit card system, duped bank of Rs 3 crore in 6 yrs

Majumder, who is from Kolkata, secured four credit cards from the bank in 2012. An officer, who is investigating the matter, said the accused worked as a chip manager at the bank’s Reay Road branch.

Being in the technical unit of the bank, the officer added, the 49-year-old managed to illegally increase the limit of all four cards and used them for several purchases.

“When it came to making the payment, he fudged the software in a way that it appeared that he had paid up the money he used from the card,” further said the officer.

The alleged fraud came to light after six years when bank officials noted that there was a problem in their internal audit. They realised that Majumder was allegedly making fraudulent payments. The bank submitted a written complaint to Sewri police who registered a case on December 20.

Based on their investigation, police arrested Majumder last week and produced him before the court. He was remanded to police custody till January 3.

A police officer said Majumder resided at the bank’s quarters in Powai and was drawing a salary above Rs 80,000. “His family stays in Kolkata and often come down to visit him,” added the officer. Police is also looking into what the accused did with the money that he made illegally.