An Axis Bank manager was taken into custody by the Panjagutta police in Hyderabad for alleged embezzlement of ₹6.5 crore from an NRI account.

The NRI customer, Paritosh Upadhyay, noticed irregularities in his account at Axis Bank’s Begumpet branch. He registered a complaint after finding an amount of ₹6.5 crore missing from his bank account. The amount had been withdrawn by the bank staff themselves, according to him, by forging his signature and issuing 42 loose-leaf cheques.

Australia-based Upadhyay noticed that the funds were channeled into many accounts without his knowledge, or consent. The incident took place in 2024 when he registered a complaint. For the past two years, he was pursuing the case with no response from the bank authorities, including the senior officials.

However, the Panjagutta police arrested Venkataramana, the bank manager, for orchestrating the crime. They suspect the involvement of many other bank officials too.

The accused has been remanded to judicial custody. Further investigations are on. – editor@nrifocus.com