Axis Bank’s Begumpet branch in Hyderabad is under scrutiny after officials were accused of siphoning off Rs 6.5 crore from the premium account of Paritosh Upadhyay, an Overseas Citizen of India (OCI) residing in New South Wales, Australia.
The fraudulent activities reportedly occurred over a span of two years.
Hyderabad bank officials transfer fund from OCI bank account
The accused officials include former branch head Sridevi Raghu, senior partner Venkataramana Pasarla, service partner Surekha Saini, senior vice-president Hari Vijay, and others. They face serious charges, including:
- Cheating by impersonation
- Fraudulent misrepresentation
- Criminal breach of trust by a banker
- Forgery, including electronic forgery
According to Upadhyay, the officials forged his signatures to withdraw funds using loose-leaf cheques and executed unauthorized transfers from his account. Despite reporting the crime to Axis Bank’s management two years ago, no corrective action was taken.
Methods used in alleged fraud
The accused reportedly exploited their positions to access Upadhyay’s account. Key allegations include:
– Forging signatures on loose-leaf cheques to withdraw substantial amounts
– Transferring funds without written authorization from the account holder
These actions, if proven, constitute a significant breach of trust and banking ethics.
Legal action, implications
The Hyderabad police have registered a case against the accused under multiple sections of the law, including those related to fraud, forgery, and breach of trust.
This incident has raised concerns among OCI account holders and others in the Indian diaspora in various countries including Australia.
