Fraudulent Account Conversion Stings US Resident: ₹37.5 Lakh Withdrawn from Mumbai Bank Account

Mumbai, India:  The Central Bureau of Investigation (CBI) has launched an investigation into a case of fraudulent conversion of a US resident’s Bank of Baroda account into a joint account, resulting in a staggering ₹37.50 lakh withdrawal.

According to sources, the account, initially opened in 1987 at Bank of Baroda’s Siyaganj branch in Indore, was converted without the account holder’s knowledge or consent into a joint account with a Kalbadevi resident in August 2023. This conversion was followed by a series of fraudulent transfers to various branches across Mumbai, including Zaveri Bazaar and Badlapur, and even to Nandanvan, Nagpur.

The investigation revealed that between August 2023 and February 2024, ₹37.50 lakh was withdrawn from the account through cheques issued to the accused from the Nandanvan branch. The original account holder, who has lived in California since 2000, confirmed through video conferencing and provided evidence of his passport that he had not been to India since 2019.

A senior official at Bank of Baroda’s Zaveri Bazaar branch stated that both account holders’ presence would have been mandatory to convert the account, casting doubts on how this was bypassed. The CBI’s ongoing investigation follows the complaint filed in November and aims to hold the accused accountable for the extensive fraud.