CCB arrests CA in Rs 168 cr e-guarantee scam

NT Correspondent

Bengaluru: In a major breakthrough, the Cyber Crime team from the Central Crime Branch (CCB) busted a fake e-bank guarantee racket by arresting a Chartered Accountant who had allegedly siphoned off Rs 168 crores from the beneficiaries by promising them loans and other benefits from banks.

According to the police, the accused identified as Ashish Roy, 45, had been operating from Kuwait.

However, he hailed from Uttar Pradesh, the police said. The fraud came to light when the National e-Governance Services Ltd (NeSL), during a verification, detected 11 applicants to have submitted fake e-guarantees and filed a complaint with the Shivajinagar Police.

Considering the ramification, the CCB cyber crime team took over the case and tracked down the accused, who is said to be the kingpin behind the racket.

The police said that Ashish used to source the details of victims through his professional network, approach them on the pretext of helping them to get e-bank guarantees and uploaded the same in private banks to facilitate financial transactions and other benefits without much scrutiny.

The accused had taken Rs 5 crore commission for the service which according to an estimation incurred a financial loss to banks to the tune of Rs 168 crore, a senior police officer said. Initially the banks had filed a complaint against the 11 beneficiaries who were questioned by the CCB team before zeroing in on Ashish operating from Kuwait.

The CCB got a lookout circular issued against him and convinced his family members, from an Army background, to call him home citing an emergency situation.

The accused was caught as soon as he landed at the Kempegowda International Airport (KIA). Further investigation is on to ascertain if there are more involvement in the racket.