Mumbai: Six Private Bank Employees Booked for ₹2.5 Crore Fraud

The MIDC Police have registered a fraud case against six employees of a private bank for allegedly misusing their positions and embezzling ₹2.5 crore. The accused have been identified as Siddhesh Patnaik, Rushabh Yadav, Sagar Mishra, Ajay Yadav, Shyamsundar Chauhan, and Vicky Shinde. Police officials have confirmed that the accused will soon be interrogated, and appropriate legal action will be taken against them based on the findings.

Sachin Suresh Raut, a senior officer at a private bank in the MIDC area of Andheri, filed the complaint. Raut, who has been working with the bank for the past 11 years, discovered discrepancies in two accounts. The bank had authorized 15 employees to access funds from six different accounts, including the accused individuals who were responsible for UPI reconciliation, partner acquiring, and dispute resolution.

Between April 3, 2023, and November 4, 2024, these six employees allegedly misused their access and siphoned off ₹2.5 crore. The money was illegally transferred into their own and their relatives’ bank accounts.

Investigations revealed that Siddhesh Patnaik, with Vicky Shinde’s assistance, transferred the embezzled funds. When Sagar Mishra became aware of the fraud, Patnaik allegedly paid him ₹29.35 lakh to keep quiet. Mishra later prepared a falsified file and handed it over to Patnaik to process. The same pattern was followed to involve other employees in the financial fraud.

Senior bank officials recently detected the irregularities and initiated an internal investigation. Their findings confirmed that the accused had embezzled the funds using unauthorized transactions. Following this, Sachin Raut submitted a formal complaint to the MIDC Police, leading to a case being registered against the six accused.

After verifying the complaint, police found substantial evidence of fraud and financial misappropriation. A case under relevant sections of the Indian Penal Code (IPC) for cheating and criminal breach of trust has been registered against the accused. Further investigations are ongoing, and the police will soon interrogate all six employees before taking necessary legal action.