June 15, 2024

RBL Bank has lodged a fraud lawsuit against the head of its credit card department on a national level, with ten other high-ranked officials from their Gurugram, Mumbai, Rajkot, and Ahmedabad offices, and unidentified associates. They are alleged to have scammed the bank out of INR 12.02 crore.

Following the directives of a municipal court, an FIR was lodged by the NM Joshi Marg police, based on a complaint filed by Vikrant Kadam, who holds the position of assistant deputy president in RBL Bank’s vigilance department. This was filed against the bank’s credit card department’s national head, Rudhir Bhupinder Sarin, and an additional 10 accused.

In the submitted complaint, it is suggested that during the period of March 2021 to March 2022, the accused placed agents in charge of the direct selling of the bank’s credit cards. The bank officials implicated in the case exploited the process of selling credit cards of their bank by colluding with direct selling agents. This elaborate scheme made it possible to siphon off money by having the bank pay these agents excessive fees. It is also alleged that they fraudulent sold credit cards under the names of fictitious or sham agents, as a means of pocketing money,” Kadam expounded in the FIR.

As stated in the complaint, the accused accepted a sizeable return of INR 4.29 crore from the direct selling agents, culminating in an improper loss of INR 12.02 crore incurred by the bank, the complainant further detailed in his statement to the police.

The stark reality of the fraud came to light on March 23, 2021, as Durgadas Rege, the bank’s chief vigilance officer, received leaked information from an unidentified informer. The information disclosed implicated the executives from Mumbai credit card sales unit, Ansari Wahid and Sumit Jaiswal, in taking kickbacks from direct selling agents.

Festive offer

Following the validation of this information, the bank conducted an exhaustive inquiry, finding that the implicated bank executives from Mumbai, Gurugram, Rajkot, and Ahmedabad offices orchestrated extensive fraudulent activities. They were found to be accepting bribes directly into their and their kin’s bank accounts, as revealed in the FIR.

A NM Joshi Marg police official stated, “We have registered the accused Sarin and other bank officials under 15 sections of the IPC for crimes like criminal conspiracy, deception, criminal breach of trust, forgery, document falsification, among others. The case is anticipated to be reassigned to Mumbai police’s Economic Offences Wing for the continuation of the investigation.”

© The Indian Express Pvt Ltd

This article was first published on: 28-04-2024 at 01:25 IST