Noida Authority losṭ ₹12.8 crore from its account which was opened 15 days before deposit of ₹200 crore. On the request of the Noida Auṭhority from BOI, 2 FDs were created of approximately ₹100 crore.
Moreover, 2 FDs were opened by BOI each of ₹100 crore on the same day with an email involving data of FDs which was sent to the Noida Authority.
After the disclosure of the fraud the transactions of ₹9 crore were blocked in between the process.
According to the police probe, this incident was not possible without the involvement of one or more bank staff.
As the BOI offered the highest interest rate around mid-June, Noida authority reached the Sector 62 branch of BOI to open FD accounts.
Jun 21, 2023
The bank received Rs 200 crore from the authority management to be placed in the account and converted to FDs. The bank sent a letter and an email two days later to confirm the account’s opening.
June 26, 2023
The BOI created 2 FDs on behalf of the request of the Noida Authority. 2 FDs were created around ₹ 100 crore each on the same day with an email sent to the authority with FDs’ data.
July 3, 2023
After a visit by chief financial officer & accounts officer Manoj Kumar Singh, it was disclosed that not even a single account was created.
Rather than that, ₹ 3.8 crore were wired from main A/c to another account and from there to 3 personal accounts on June 30, 2023.
Moreover, it was found out that another ₹ 9 crore was transferred to a different account before his arrival.
After Singh’s complaint, BOI instantly froze the account and blocked the 2nd transfer.
According to a police inquiry, a guy who came to the branch and introduced himself as a Noida Authority officer was Abdul Khadir, a resident of Puducherry, according to the Aadhaar card he used at the bank.
He also had a document with Singh and the finance controller of the Noida Authority’s falsified signatures on it. In collaboration with BOI, Khadir arranged the movement of monies while claiming to be acting on their instructions.
Further investigation disclosed that the email sent by BOI to the authority on FDs opening on June 26 was a fake and had not been sent by the bank.
On Tuesday, in response to Singh’s accusation, officers at Sector 58 police station filed a FIR against Khadir and unnamed BOI employees.
As a result of the bank’s pledges that it will repay the entire sum of Rs 200 crore, the Noida Authority claimed in a statement that it has not incurred any financial damages.
“The Bank of India received a payment of Rs 200 crore from the Noida Authority for FD deposits. The bank also provided the Authority with information regarding the FDs. According to the regulations, once FDs are opened, no money can be withdrawn. Even after that, the bank disbursed Rs. 3.8 crore to three individuals without receiving a directive from the Authority.”
Additionally According to DCP Shakti Awasthi, investigators are looking into whether bank workers and other unnamed people were involved.
Sources in Police said that the cops have found CCTV footage of Khadir visiting the bank and the Noida Authority office.
“For an investigation, the Authority assembled a three-person committee. Within 15 days, a report will be submitted.”
Suraj Koli is a content specialist with expertise in Cybersecurity and B2B Domains. He has provided his skills for News4Hackers Blog and Craw Security. Moreover, he has written content for various sectors Business, Law, Food & Beverage, Entertainment, and many others. Koli established his center of the field in a very amazing scenario. Simply said, he started his career selling products, where he enhanced his skills in understanding the product and the point of view of clients from the customer’s perspective, which simplified his journey in the long run. It makes him an interesting personality among other writers. Currently, he is a regular writer at Craw Security.
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