Axis Bank Manager Arrested for Rs 2.3 Crore Fraud in Cuttack: Senior Citizen Duped
In a shocking case of financial fraud, Odisha Crime Branch has arrested Khirod Nayak, a Relationship Manager at Axis Bank’s Badambadi branch in Cuttack, for allegedly embezzling Rs 2.3 crore from an elderly customer’s accounts.
The victim, a senior citizen, had multiple accounts at the branch and relied on Nayak for financial guidance after her husband’s demise. Nayak, leveraging his position of trust, frequently visited her residence under the guise of offering personalized services. He reportedly used her mobile phone to access her accounts and persuaded her to convert her savings into fixed deposits for better returns, securing multiple signatures from her during the process.
The fraud came to light when the bank’s loan department contacted the victim about an overdraft loan in her name. Upon further inquiry, she discovered that her fixed deposit had been siphoned off, and transactions worth Rs 2.3 crore had been transferred to a stranger’s account.
Investigations revealed that Nayak, a bank employee for two decades and associated with Axis Bank for six years, had exploited the trust of the victim. He manipulated account access by changing the registered mobile number and transferred funds to an HDFC account belonging to one Sumitra Khuntia. From there, the money was funneled into Nayak’s accounts, with around Rs. 1 crore used for insurance policies benefiting his associates.
The Cyber Crime Unit of the Odisha Crime Branch confirmed Nayak’s involvement through bank records and seized critical evidence, including the mobile phone used for the fraudulent transactions. Nayak now faces charges of financial misconduct and breach of trust, as authorities continue their investigation.
News Source : “Information for this article was gathered from a variety of reliable news outlets.”
