The Cyber Crime & Economic Offences Police Station under the Rourkela Police has uncovered a significant credit card fraud involving manipulation of financial records, forged documents, and unauthorized cash withdrawals totaling Rs. 52.9 lakh, along with accumulated interest.
The investigation began after a complaint from ICICI Bank. The probe revealed that Md. Tabrez Alam, the main accused, had recruited individuals to apply for credit cards, promising easy approval even without stable income. Alam allegedly collaborated with a Tax and Accounting Services firm in Udit Nagar to create fake income tax returns (ITRs) to help secure high-limit credit cards for these individuals.
An employee at ICICI Bank, tasked with sourcing credit card applications, facilitated the approval process by ensuring these customers met eligibility criteria using the forged documents. After the cards were issued, they were used for cash transactions at various merchant establishments in Rourkela, later converted into EMIs.
Further examination of Alam’s bank account revealed a credit accumulation of Rs. 2.7 crore from September 2023 to August 2024, with numerous deposits traced to the fraudulent activities. Similarly, the bank account of the chartered accountant who owned the Tax and Accounting Services firm showed Rs. 8 crore in credit accumulation during the same period, with fraudulent transactions funneled into various benami accounts. EMIs for these transactions were paid irregularly, with Alam deducting a commission before making the payments.
Merchants involved in the scam helped facilitate the misuse of the credit cards, allowing the funds to be misappropriated. The fraudulent credit card applications and subsequent transactions resulted in significant financial losses for ICICI Bank, as the accused gained unlawful profits.
After a comprehensive investigation, Rourkela Police, led by Inspector Khitish Patra, arrested four individuals—Md. Tabrez Alam (37), proprietor of Libas Tailors; an employee of ICICI Bank’s credit card department; the proprietor of the Tax and Accounting Services firm in Udit Nagar; and the owner of RN Traders, also in Udit Nagar.
Authorities also seized three POS terminals used in the fraudulent transactions. Investigations are ongoing to uncover additional accomplices and to involve other agencies in identifying potential connections to further illegal activities, as per a press release from Rourkela Police.
