Rs 120 Cr Fraud Averted by Bank Officials in UP, 7 Arrested

Lucknow: Seven persons were arrested by a joint team of the Cyber Cell and Uttar Pradesh Police for illegally siphoning Rs 120 crore off the bank account of the APJ Abdul Kalam Technical University (AKTU).

Police investigation has revealed that posing as AKTU officials, these cheats first opened an account in the university’s name at a branch of a nationalised bank where the varsity already had an account.

This gang of fraudsters managed to trick the bank officials into transferring Rs 120 crore in five instalments to the new account. From the fake account the money was transferred to an account of a Gujarat-based charitable trust in another nationalised bank.

But these transactions raised suspicion in the minds of bank officials who through an audit identified the fraud.

Basing on a complaint lodged by the bank officials, the police arrested seven men on Tuesday. The arrested persosn include three men from Gujarat, while the others are from UP.

The police also recovered Rs 119 crore from the accused by getting the payment stopped.