Mumbai Bank Fraud Case: Fraudsters Withdraw Rs 85 Lakh from Trust Bank Accounts

A total of Rs 85 lakh were withdrawn using 1,043 cheques from the accounts of a trust in Axis Bank's Byculla and Mazgaon branches. The Nagpada police have registered a fraud case and are currently investigating the matter.

According to the police complaint filed by Sandeep Nakate, the branch manager of Axis Bank’s Byculla branch, the Habib Group of Trusts has 11 accounts at the Byculla branch and 5 accounts at the Mazgaon branch. Last year, on December 21, the trustee of Habib Group of Trusts had filed a complaint with the bank’s head office, alleging that between 2020 and 2023, 1,043 cheques were cashed using forged signatures from their accounts at the Byculla and Mazgaon branches.

An internal investigation by the bank revealed that a total of Rs 85 lakh had been withdrawn from the trust’s accounts. Of this, Rs 13.10 lakh were withdrawn using forged signatures, Rs 40.10 lakh were due to non-compliance with office procedures, Rs 31.30 lakh through supported cheques, and another Rs 31.50 lakh via cheque.

The bank has taken responsibility for refunding Rs53.20 lakh to the Habib Group of Trusts and has already returned Rs 40.10 lakh via Demand Draft(DD) after getting approval. Action has been initiated to recover the remaining amount. During the investigation, it was discovered that a woman appointed by the trust had brought the cheques with forged signatures to the bank for encashment.

A police officer said that after further investigation into this financial fraud, legal action would be taken against the persons involved.