Rajkot Police Arrest Three Bankers in ₹2,500 Crore Cyber Fraud Syndicate
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RAJKOT, India — Authorities in Gujarat arrested three bankers on Sunday for their alleged involvement in a nationwide cyber fraud syndicate that processed transactions exceeding ₹2,500 crore ($300 million). The arrests mark a significant development in a long-running investigation into financial crimes exploiting banking infrastructure.
Rajkot Rural Police detained Kalpesh Dangariya, a manager at Axis Bank, along with Maulik Kamani of Yes Bank and Anurag Baldha of HDFC Bank. Fourteen other individuals were also taken into custody in connection with the case. Police stated the accused leveraged their professional positions and detailed knowledge of banking systems to facilitate fraudulent transfers for organized crime networks in exchange for commissions.
The investigation revealed that the bankers allegedly assisted in routing illicit funds through legitimate banking channels, bypassing standard security protocols. Authorities described the operation as a sophisticated network that targeted victims across multiple states. The scale of the transactions suggests a coordinated effort involving multiple financial institutions and intermediaries.
Police officials indicated that the arrests were the result of a coordinated operation involving cyber crime units and local law enforcement. The suspects were apprehended at various locations in Rajkot and surrounding areas. No details were immediately released regarding the specific methods used to bypass banking security or the identities of the primary beneficiaries of the fraud.
The case has drawn attention to vulnerabilities within the banking sector's internal controls. While the banks involved have not issued public statements, industry observers note that the arrests highlight the risks posed by insiders with access to critical financial systems. The investigation is ongoing, with authorities working to trace the flow of funds and identify additional participants in the syndicate.
Prosecutors have not yet filed formal charges, but the arrested individuals are expected to face trial under various sections of the Indian Penal Code and the Information Technology Act. The recovery of illicit funds remains a priority for investigators, who are examining bank records and digital footprints to trace the money trail.
Questions remain regarding the full extent of the syndicate's operations and whether other banking professionals were involved. Police have not confirmed if the ₹2,500 crore figure represents total losses or transaction volume. Further arrests are anticipated as the investigation expands to other regions where the fraud network allegedly operated.