Mumbai Cyber Police Arrest 2 In ₹29.83 Lakh Bank Fraud

A former bank branch manager and an employee have been arrested by the Central Cyber Police in Mumbai for their alleged involvement in a ₹29.83 lakh fraud. The fraud involved siphoning funds from the account of a deceased customer, Vimla Patil, after her registered mobile number and email ID were changed using a forged customer request form.

The arrested accused have been identified as Rahul Panjwani, former branch head of a private bank's Chowpatty branch, and Abhishek Verma, an employee of the bank. The police are also searching for another person allegedly involved in the fraud.

According to the complaint filed by the bank, the fraud came to light after a complaint was received regarding unauthorised changes made to the mobile number and email ID linked to Patil's account. An internal inquiry by the bank revealed that the customer's registered contact details were changed in July 2025 through a customer request form submitted at the bank's Tardeo branch. The signatures on the form did not match those available in the bank's records.

During the inquiry, Verma allegedly told the bank that Panjwani had instructed him to change Patil's mobile number and email ID in July 2025. The police suspect that the altered credentials were subsequently used to gain access to Patil's account. Two fixed deposits, collectively worth around ₹14.87 lakh, were allegedly prematurely closed and the proceeds transferred through various banking channels.

The funds were allegedly routed through RTGS, NEFT, UPI, IMPS and mobile banking transactions to multiple accounts. The Central Cyber Police are now investigating the alleged conspiracy, tracing the beneficiary accounts and transactions, and searching for the third accused.

The bank's internal inquiry and the police investigation have highlighted the importance of verifying customer requests and monitoring account activity to prevent such frauds. The case also underscores the need for banks to have robust security measures in place to protect their customers' accounts.

The arrest of the two bank employees and the ongoing search for the third suspect are significant developments in the case. The police are working to unravel the conspiracy and bring all those involved to justice.

The incident has raised concerns about the security of bank accounts and the need for customers to be vigilant about their account activity. It has also highlighted the importance of banks having effective systems in place to detect and prevent fraud.

In recent years, there have been several cases of bank fraud in Mumbai, involving large sums of money. The city's cyber police have been working to crack down on such crimes and bring those responsible to justice.

The investigation into the ₹29.83 lakh fraud is ongoing, and the police are working to gather more evidence and build a strong case against the accused. The outcome of the case will be closely watched, and it is expected to have significant implications for the banking sector in Mumbai.

The case serves as a reminder of the importance of being vigilant and taking steps to protect one's account from fraud. Customers are advised to regularly monitor their account activity and report any suspicious transactions to their bank immediately.

In conclusion, the arrest of the two bank employees and the ongoing investigation into the ₹29.83 lakh fraud highlight the importance of preventing and detecting bank fraud. The case underscores the need for banks to have robust security measures in place and for customers to be vigilant about their account activity.