Bank of India Fraud: CBI Nabs Two in Rs 64 Cr Scam

The CBI struck a blow against banking fraudsters on Wednesday, apprehending two suspects linked to a Rs 64.82 crore swindle at Bank of India's Lucknow branch. Stemming from a January complaint, the investigation has uncovered a web of deceit involving fake documents and illicit fund transfers. According to probe details, the accused conspired with rogue government employees to impersonate the Uttar Pradesh Forest Corporation. Armed with counterfeit KYC forms, phony power-of-attorney documents, and sham board proposals, they successfully opened a fraudulent account. Bank staff, misled by the forged paperwork, routed massive sums into the account for supposed term deposits. The culprits then rapidly diverted Rs 6.95 crore via IMPS to six beneficiary firms across Kolkata and the capital. Alerted by the real Forest Corporation representatives who denied any connection, the bank flagged the anomaly, leading to CBI intervention. Multi-state operations, including raids and surveillance, culminated in the arrests. In court, the duo faces charges under anti-corruption laws, with custody extended till May 16. CBI spokesperson indicated ongoing efforts to identify and nab remaining accomplices, highlighting systemic risks in corporate account openings and the need for robust digital verification. This development serves as a stark reminder for financial institutions to enhance due diligence amid rising cyber-enabled frauds.