Mumbai police arrest bank officials for ₹29.83 lakh fraud

Mumbai cyber police have arrested a former private bank branch manager, Rahul Panjwani, and an employee, Abhishek Verma, for allegedly defrauding a deceased customer of approximately ₹29.83 lakh.

The suspects reportedly used forged customer request forms to change the registered mobile number and email ID associated with the account of the late Vimla Patil. This allowed them to gain unauthorized access to the account and prematurely close two fixed deposits worth roughly ₹14.87 lakh. The stolen funds were transferred to various other accounts using methods including RTGS, NEFT, UPI, and mobile banking.

An internal bank investigation revealed that the signatures on the fraudulent forms did not match the deceased customer's records. While Panjwani and Verma have been apprehended, a third individual, Ram Pal, remains at large. Police are continuing their investigation into the conspiracy and the money trail, which has reportedly linked some transactions to jewelry outlets.