Axis Bank Staff and Associates Arrested for ₹12.5 Crore Fraud Targeting CRED

Bengaluru police uncover a sophisticated scheme involving forged documents and insider access to siphon funds from the fintech company's accounts.

Four individuals, including an Axis Bank relationship manager, were arrested for embezzling ₹12.5 crore from Dreamplug Paytech Solutions, the operator of CRED.
The accused exploited dormant corporate accounts, forged documents, and impersonated company officials to gain unauthorized access to sensitive banking credentials.
Fraudulent transactions were conducted between October 29 and November 11, transferring funds to 17 accounts across Gujarat and Rajasthan.
The crime was discovered during a routine bank account reconciliation on November 13, leading to a police investigation and partial recovery of ₹1.83 crore.
Authorities are probing lapses in Axis Bank's security protocols and working to trace the remaining funds and identify additional accomplices.