“Fraudulent Finds: MP3 Bank Relationship Managers Busted for Purchasing Luxuries via Account Scams”

Indore, Jan 8 (PTI) On Wednesday, three managers from a private banking institution alongside three additional individuals were apprehended for reportedly breaching 12 current accounts belonging to customers across four states and acquiring digital gold and mobile devices, stated Indore Police.
    Authorities confiscated items valued at Rs 20 lakh, which included gaming consoles, timepieces, and mobile devices from the suspects.
    Deputy Commissioner of Police Abhinay Vishwakarma informed reporters that those detained, working as relationship managers at ICICI Bank, have been identified as Kamal Kumawat, Abhishek Malviya, and Stanley Jacob, with their accomplices being Luvdeep Singh, Krishna Thakur, and Arunu.
    The police official indicated that the trio of relationship managers exploited bank software to breach the current accounts of at least 12 individuals from Madhya Pradesh, Punjab, Gujarat, and Telangana.
    “They utilized the software to pinpoint current accounts that were significantly funded. They altered the passwords to these accounts by examining their user IDs and purchased high-end mobile devices, timepieces, and gadgets by accessing these accounts,” the police official stated.
    Vishwakarma added that following the compromise of these accounts, the suspects also acquired gift cards and digital gold while transferring the proceeds from their sale into their personal accounts.
    Digital gold provides a means to invest in gold online without the necessity of physically possessing it.
    Vishwakarma further mentioned that the suspects are believed to have defrauded bank clients of several crores of rupees.
    “Approximately Rs 52 lakh has been reimbursed to the affected bank clients. Furthermore, transactions from the accused individuals’ bank accounts have been halted,” he confirmed.
    Confiscated items encompass luxurious mobile devices, watches, and gaming playstations.
    The police official stated that the suspects illicitly procured SIM cards from Telangana. After executing their illicit activities, they returned these SIM cards and obliterated them.