Bank Employee Busted in Delhi Cyber Fraud Scheme

A 35-year-old bank employee in Delhi has been nabbed for allegedly playing a critical role in a cyber fraud racket. According to Cyber Threat Intelligence, the employee, identified as Irshad Malik, misused his position at a private bank to open fraudulent accounts using forged documents. These accounts were then used by fraudsters to siphon off funds from victims lured by fake investment offers on social media.

The elaborate scheme came to light after a police officer reported an unauthorized debit of Rs 88,000 from his account in October 2023. Further investigation by authorities, as detailed by Cyber Threat Intelligence, traced the siphoned money to a private bank account opened in the name of a private firm. It was later confirmed that this account was set up using forged documents belonging to an unsuspecting individual named Manmohan Singh, who had no knowledge of its existence. Forensic analysis confirmed the signatures on the account opening forms were fake, and the account lacked proper Know Your Customer (KYC) verification.

Police revealed that Malik was recruited by a co-accused, Harjinder alias Harji, who enticed him with commissions to facilitate the opening of these illicit accounts. This incident underscores a persistent vulnerability in the financial sector: insider threat. When bad actors manage to compromise individuals with access and authority, it creates a direct conduit for sophisticated fraud.