Central Crime Branch arrests CA from Kuwait in Fake e-Bank Guarantee Racket Case

CA gets arrested in an allege Fake Bank Guarantee Scheme
Central Crime Branch - Chartered Accountant Arrest - Kuwait Fraud Case - Financial Fraud Investigation - taxscan

In a major breakthrough, the Central Crime Branch ( CCB ) has nabbed a 45-year-old chartered accountant ( CA ) based in Kuwait, alleged to be the mastermind behind a complex fake e-bank guarantee racket. This arrest follows an exhaustive investigation into a series of fraudulent activities that have inflicted substantial financial losses, estimated at ₹168 crore.

The CCB’s cybercrime team uncovered this intricate scheme after receiving alerts from the National e-Governance Services Ltd., which flagged 11 applicants submitting bogus e-guarantees. A formal complaint was filed with the Shivajinagar police, leading to the CCB assuming control of the case.

The alleged brains behind this fraudulent network, identified as Ashish Roy, used his professional connections and expertise to target unsuspecting victims seeking e-bank guarantees for loans and other financial benefits. His approach involved offering his services as a trustworthy facilitator for genuine transactions, which were then processed through private banks with minimal scrutiny.

Ashish reportedly charged exorbitant commissions, earning ₹5 crore for each transaction, contributing significantly to the financial losses suffered by the affected banks. Initially focusing on 11 beneficiaries, who underwent thorough interrogation by the CCB team, attention soon shifted to Ashish, believed to be the central figure orchestrating the operation.

The investigation took an international turn as Ashish was traced to Kuwait, his operational base. However, with the help of his family members, who have a background in the Army, authorities managed to persuade him to return to India under the guise of an urgent family matter. Upon his arrival, Ashish was promptly taken into custody by the CCB.

With the suspect now in custody, investigative efforts have intensified to uncover the full scope of his network and delve into his criminal history.

Hazaresh Killedar, the lead investigating officer, has confirmed ongoing inquiries aimed at dismantling this elaborate fraudulent enterprise.

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