The manager of the Fraud Control Unit of Axis Bank filed a complaint with the Economic Offenses Prevention Wing of the Crime Branch against 14 people for creating three fake companies and defrauding the bank of ₹1.13 crores.
The three fake companies opened separate corporate accounts and deposited money in the name of employee salaries. However, the bank initiated an investigation due to suspicious behaviour that revealed that the companies defrauded them in the name of 142 people.
Thus, the Economic Offences Wing arrested several people, including their mastermind Nikhil. Further, the officials have recovered 16 swipe machines, 20 mobiles, 57 credit cards, 37 debit cards and two laptops.
Imtiaz Munshi works as a manager at the Fraud Control Unit in Axis Bank on the 4th floor of Shivalik Ishan Complex near CN Vidyalaya in Ambawadi. In 2019, Manager of Medic Life Sciences Pvt. Ltd. Company, their director Madhusudan Patel and his wife Manisha Patel, Medionus Health Pvt. Ltd. director Gaurav Patel, Jayesh Makwana, Pratik Rajesh Parmar as manager and Giant Secure Solution Pvt. Ltd. manager Nikhil Panchal, proprietor Haresh Panchal as well as Green Growers, proprietor Jigar Panchal, Dhanalakshmi Super Market proprietor Chiman Dabhi, Fresh Organic Trading Pvt Ltd. proprietor Parth Patel, Mahalakshmi Super Market proprietor Shivam Yadav and Shree Grocery Stores proprietor Dhal Sriprasanna, approached the bank.
The 14 accused had set up fake companies and claimed to employ people in them. Thus, the Axis Bank Branch of Navrangpura issued credit cards swiped through POS machines of the wrong companies as per their limits. The accused used around 89 lakhs for Medic Life Sciences Pvt Ltd, 1.90 lakhs for Medionalus Health Pvt Ltd and 24.82 lakhs for Giant Secure Solutions Pvt Ltd.
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