The Bank Fraud Investigation Wing of the Central Crime Branch (CCB) has arrested eight suspects, including two former employees of ICICI Bank, for allegedly defrauding the bank to the tune of ₹3.02 crore.
The police arrested them following a complaint from M. Ranganatham, Chief Manager of the bank. He said the bank had the facility to provide current accounts to companies and power pay accounts (PPA) and salary accounts to the firms’ employees, with an individual identification code being allotted to each company.
After conducting an internal audit of accounts, suspicious credit/debit and artificial transactions came to light. Unitrend Global Products Private Limited and IRS Metronics Private Limited had opened their current accounts based on applications made by their directors. Subsequently, customers, claiming to be employees of these companies, opened PPAs and salary accounts with the codes allotted to the firms.
Sixty credit cards, worth ₹38,22,000, and 54 personal loans of over ₹3 crore were availed by 59 customers with fabricated salary slips, supposedly issued by the two companies. These personal loans and credit cards were availed between January 2019 and May 2023 by…
