Gang engaged in banking fraud nabbed in Aurangabd

Aurangabad, July 12 (UNI) Crime Branch sleuths have busted a gang engaged in withdrawing cash in a fradulent manner by opening bogus accounts with the help of fictious papers.

Assistant Commissioner of Police (ACP-Crime) Eknath Budhwant told reporters here today that the modus operandi of the gang was to obtain payable cheques of the customers lying in the cheque box of the prominent private banks. The gang members would make favourable changes in the cheques to withdraw the cash through ATMs. For the same, they had opened a bogus account in the Nanded branch of a prominent private bank with the help of fictious papers.

Acting on a tip-off, the crime branch sleuths team have arrested four members of the gang, while they were making an attempt to withdraw cash of Rs 1,09,000 from the private bank's Adalat road branch here.

The arrested have been identified as Sheikh Wajed Sheikh Ahmed (31), Sayyed Karim (20), Sheikh Faim and Ashil Hilabi Sayed Hilabi in this connection.

The police have recovered fictious PAN cards, two cheques amounting to Rs 9.50 lakh, which they had robbed from the cheque box of a Mumbai-based private bank from their possession.

The accused have reportedly confessed to withdrawing over Rs five lakh in such a manner. Further investigations into the case were on, Mr Budhwant added.

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