New Delhi, Oct 29 The Delhi Police has arrested two men for allegedly impersonating a corporate director and duping bank officials into transferring Rs 22.56 lakh through fraudulent RTGS instructions, an official said on Wednesday.
Police recovered gold, cash and a Thar worth around Rs 2.5 crore in this case and six linked cases.
The accused allegedly posed as a director associated with multiple corporate entities and used forged company letterheads and fake email IDs resembling the company’s registered email address to induce bank officials to transfer the money to a mule bank account, the official said.
“The case came to light after the branch manager of Bank of India, Rajendra Place, lodged a complaint regarding the fraud. On August 5, the accused allegedly contacted bank officials impersonating the director and initially discussed the creation of a fixed deposit receipt (FDR) of Rs 1 crore to gain their confidence,” Deputy Commissioner of Police (Central) Rohit Rajbir said.
The caller later claimed the company’s cheque book was exhausted and asked that a payment be processed by email. He then sent a forged payment request seeking the transfer of Rs 22,56,922 from the company’s account to another account, police said.
When bank officials sought the mandatory indemnity documents, the caller allegedly pressured them, claiming similar transactions had been processed earlier and stressing the payment’s urgency. The bank subsequently processed the RTGS (Real-Time Gross Settlement) transfer, after which police registered an e-FIR.
During the investigation, police found that the defrauded amount had been transferred to a mule account maintained with a bank in West Bengal. The mobile number used to contact bank officials and the email-related technical details were linked to false identities, making it difficult to trace the suspects.
Police conducted a technical investigation, analysing telecom records, digital evidence, communication details, and movement data to identify the accused. Police arrested two men, identifying them as Vinay Kumar Yadav, 36, a resident of Loni, Ghaziabad, and Anil Kumar Sehgal, 65, a resident of Noida.
The investigation also revealed their links with associates operating from West Bengal and Bihar. Police said the accused allegedly obtained banking information on corporate entities and used company directors’ names to establish credibility before seeking unauthorised fund transfers.
After the money was credited to mule accounts, the accused allegedly diverted it and converted it into other assets. The investigation revealed the purchase of gold, including an online transaction reportedly worth Rs 18.50 lakh with a jeweller in West Bengal, besides cash withdrawals through ATMs.
Police said the accused had previous criminal involvements in financial fraud cases reported in Ghaziabad, Dasna, Saharanpur, Ayodhya and Faridabad. They reportedly became acquainted while lodged in jail and were previously linked to cheque-related frauds involving so-called “magic pens”.
The official said Yadav has been a proclaimed offender since August 8, 2019, in another case, and has been absconding for more than seven years. Police said he was also arrested in a forged currency case in 2009, when they allegedly recovered fake currency worth Rs 4,500 from him.
Police have also worked out six other cases involving a similar modus operandi, in which bank officials were allegedly deceived into transferring funds to mule accounts. These include cases registered at cyber police stations in Gurugram, southeast Delhi, and Rohini, as well as at the Palwal Camp police station. Police said the cases involve alleged fraud amounts of Rs 2.98 crore, Rs 1.30 crore, Rs 52.35 lakh, Rs 20.50 lakh, and Rs 16.65 lakh, along with an attempted fraud of Rs 88 lakh.
Police have seized assets valued at about Rs 2.5 crore in the present and connected cases. The recoveries include 101 gold coins weighing around 924 grams, 17 gold chains, nine gold bracelets, three gold necklaces, three gold rings, six earrings, a gold nose ring, a gold tikka, Rs 2.37 lakh in cash, three mobile phones and a newly purchased Thar, they said.
Police said they are examining the recovered assets to establish links to cases.
(PTI News)
