The Bengaluru Police announced on October 15 that they have arrested eight individuals, including a bank manager and three sales executives from Axis Bank, linked to a Rs97-crore fraud scheme promising substantial returns through stock investments.
According to the cyber-crime police, 254 cases associated with the scam have been reported nationwide. The fraudulent activities involved transactions totaling Rs97 crore, executed through six bank accounts opened by bank staff.
The arrested individuals include Kishore Sahu, a manager at Axis Bank’s Nagarabhavi branch in West Bengaluru, along with sales executives Manohar, Karthik, and Rakesh. Additionally, those holding mule accounts—Lakshmikanta, Raghuraj, Kengegowda, and Mala CP—were also apprehended.
An Axis Bank spokesperson stated, “The matter is currently under investigation, and Axis Bank is fully cooperating with the authorities to expedite the process.”