Mumbai: Ex-bank employee held for Rs 4 crore cashback fraud

A 41-year-old former employee of a nationalised bank here has been arrested for allegedly cheating the institution to the tune of Rs 4 crore by way of cashback for credit card holders, police said on Sunday.

The police recently apprehended Nitin Khare based on an FIR registered against him by the bank in May, an official from Saki Naka police said.

Khare was a contractual employee and handled the data of bank customers’ shopping and cashback, he said.

The accused diverted cashback earned on 83 credit cards and duped the bank to the tune of Rs 4 crore, the official said.

During the probe, the police found that the fraud was committed between January and August 2021. But the matter came to light after some customers complained to the bank about cashback in their credit card accounts despite not having shopped during that time.

A friend of the accused from Nashik had allegedly provided him credit cards of different people and he had passed on the fraudulent cashback benefits to credit card accounts of his friends who were also from Nashik, the official said.

A case under sections 420 (cheating) and 419 (punishment for cheating by personation) has been registered in this regard and more arrests are likely in the case, he added.