In Gurugram, a total of 21 bank officials from both public and private sectors have been arrested so far this year in connection with fraudulent cybercrime cases, with nearly ₹300 crore being defrauded in the city. At least five of the accused were apprehended from within the district itself.

Recently, two individuals, including a deputy manager of a public sector bank from Uttar Pradesh’s Farrukhabad, were arrested for defrauding an ex-serviceman of ₹1.2 crore in Gurugram under the pretense of investments in the stock market. This scam involved the opening of a current account for a fake firm in Noida without any physical verification, ultimately resulting in the siphoning off of ₹7 crore from victims all over India.

Following this incident, two more individuals, one of whom is a deputy manager of a public sector bank in Jaipur, were arrested for opening multiple bank accounts and providing access to cybercriminals for fraudulent activities. The deputy manager allegedly opened these accounts for a commission of ₹7,000 each, one of which was used in defrauding a Gurugram resident of ₹24.6 lakh in an investment scheme.

Authorities have pointed out that bank officials have been increasingly implicated in cybercrimes, providing accounts with falsified information to criminal gangs operating in the cyber realm. The total amount defrauded in the previous year was ₹210 crore, while in 2022, it was ₹109 crore.

Siddhant Jain, the deputy commissioner of police for cybercrime, highlighted that the arrested officials knowingly opened accounts for fraudulent activities, receiving commissions in return. They neglected to conduct proper physical address verifications for the offices associated with the current accounts they were providing to criminals.

In response to these incidents, authorities have sent multiple letters to the Reserve Bank of India, the Department of Financial Services, and the top management of leading private banks, urging them to revise their internal procedures and verification protocols for opening accounts to prevent such crimes. They have specifically requested the RBI to implement a policy allowing changes to mobile phone numbers linked to accounts only after three months, as criminals often change these numbers immediately after gaining access to an account.

Despite efforts by most banks to halt transactions in accounts used by cyber fraudsters promptly, there are still some institutions that delay in sharing information or freezing transactions, inadvertently aiding criminals and resulting in the loss of defrauded funds for victims, according to the authorities. The ongoing collaboration between law enforcement agencies and financial institutions is crucial to combatting cybercrimes and protecting the financial interests of the public.

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