Indore police have successfully busted a gang involved in committing account fraud by withdrawing money from customers’ current accounts at a private bank. Six individuals, including three bank employees, were arrested in connection with the crime, authorities confirmed on Wednesday.
The police recovered goods worth Rs 19.74 lakh, which included 17 mobile phones, smartwatches, playstations, and motorcycles. The arrest followed a series of complaints lodged in December 2024, where customers reported money being withdrawn from their accounts without their consent, and without sharing OTPs or changing passwords.
Deputy Commissioner of Police (DCP, Indore Zone 2), Abhinay Vishwakarma, explained that the investigation revealed bank employees had been changing the passwords of customers’ accounts and withdrawing money. The fraudsters used software to access OTPs, enabling them to purchase e-gold, gadgets, and gift cards, transferring the funds to their own accounts.
The gang managed to defraud around a dozen customers, stealing approximately Rs 53 lakh. So far, Rs 19.74 lakh worth of goods have been recovered. The rest of the stolen amount remains in the accused’s frozen bank accounts.
Among the arrested individuals, three were bank employees: Kamal Kumawat and Abhishek Malviya, who were posted in Indore, and Stanley, who worked at the Manasa branch. The other three suspects were involved in procuring SIM cards used to facilitate the fraud.
