Bhopal: ₹4 Crore Fraud; Fake Bank Account Exposed After IT Notice

Bhopal (Madhya Pradesh): A shocking case of financial fraud has come to light after a man discovered that a bank account had been fraudulently opened in his name and used for transactions worth nearly Rs 4 crore over the past three years. MP Nagar police has initiated an investigation after receiving a complaint in this connection.

According to police, the victim had handed over his identification documents to an insurance advisor in 2021 on the pretext of purchasing a health insurance policy.

Instead, the documents were misused to open a bank account in his name in February 2021. The account reportedly remained active for years, carrying out huge financial transactions suspected to be linked to cyber fraud networks.

The victim only learned of the fraud in October 2024 when he received an income tax notice for unexplained transactions. Shocked, he approached the concerned bank to lodge a complaint.

However, bank officials allegedly delayed the matter for over six months and failed to provide any account details. “The customer application form does not even bear my signature or mobile number,” the victim stated, alleging harassment by the bank.

Frustrated with the bank’s inaction, the man approached Police Commissioner Harinarayanchari Mishra on Thursday who ordered an investigation in the case. Preliminary inquiry revealed that the account was indeed opened through forgery.

Police suspect that a SIM card obtained using fake documents was linked to the account, enabling its operation as a “mule account” for cyber conmen.

Assistant Commissioner of Police (ACP) MP Nagar Manish Bhardwaj confirmed that notices have been issued to the bank and a detailed report has been sought. “Three suspects, including a former bank employee, are under the radar. Further action will be taken once the bank’s reply is received,” Bhardwaj said.

Police officials said that the case raises serious concerns about lapses in banking verification procedures, as the account managed to remain active for years without detection, despite suspicious massive cash transactions.