Bhopal (Madhya Pradesh): The Kolar Police arrested three men on Saturday who were involved in illegal transactions worth Rs 5.56 crore within three months, exposing a racket linked to bank accounts fraud and illegal financial transactions, officials said here on Sunday.
Addressing a press conference, deputy commissioner of police zone-4 Malkit Singh said investigation began on December 19 when a private bank branch located in Mandakini on Kolar Road alerted police about suspicious activity in accounts linked to Rahul Srivastava.
Police took him into the custody and interrogated him where he admitted to selling two accounts to Ghanshyam Singrole for Rs 45,000. Investigations revealed transactions exceeding Rs 5.56 crore in three months. Further investigations uncovered that fake accounts were opened using fraudulent documents including one under the name of Srivastava’s wife.
Srivastava confessed that Ghanshyam, in collusion with Nikita Prajapati and Nitish Shukla, used fake documents, including a fabricated shop registration certificate, to open these accounts and conduct large-scale illegal transactions.
Singh further said that on December 21st, police raided the residences of Nikita and Nitish in Bagsewania area in the city leading to their arrest and the seizure of Rs.8 lakh in cash, six mobile phones, 34 credit/debit cards, 77 SIM cards, swipe machines, and other incriminating items.
The accused confessed to selling and using accounts for illegal profits. The accused have been charged under relevant sections of the law, and further investigations are underway to uncover the full extent of the fraud.
