Bhubaneswar: The Cyber Crime & Economic Offence Police Station under Rourkela Police has successfully uncovered a large-scale credit card fraud, exposing a network of financial manipulation, forged documents, and unauthorized cash withdrawals.
Police have arrested four persons in this connection. They are Md. Tabrez Alam, proprietor of Libas Tailors; an employee from ICICI Bank’s Credit Card Department; the proprietor of Tax and Accounting Services, Udit Nagar; and the proprietor of RN Traders, Udit Nagar. As many as three POS machines used for swiping of credit cards have been also seized from the possession of the fraudsters.
According to an official press release, the case, involving fraudulent transactions worth Rs 52,90,000 plus accrued interest, was initiated based on a complaint from ICICI Bank.
The investigation revealed that the prime accused, Md. Tabrez Alam, enticed multiple individuals into applying for credit cards by promising easy approvals despite their lack of stable income. In collaboration with a tax and accounting firm based in Udit Nagar, he allegedly fabricated income tax returns (ITRs) to secure high-limit credit cards.
An employee of ICICI Bank, responsible for sourcing credit cards, played a crucial role in ensuring these applications met the eligibility criteria using forged documents.
Once issued, the credit cards were primarily used for cash transactions at merchant establishments in Rourkela. Customers, under the influence of the accused, swiped their cards at these outlets in exchange for cash, later converting the transactions into EMIs.
A deeper probe into Md Tabrez Alam’s bank transactions revealed a credit accumulation of Rs 2.7 crores between September 2023 and August 2024, with multiple deposits linked to the fraudulent transactions.
Similarly, the bank account of the Chartered Accountant, who owned the Tax and Accounting Services firm, showed an accumulation of Rs 8 crore within the same period, involving transfers to various benami accounts.
EMIs for the fraudulent transactions were paid irregularly, with many customers handing over payments to Tabrez Alam, who deducted commissions before making payments.
The merchants involved facilitated fraudulent transactions, enabling the misuse of credit card funds. The fraudulent applications and transactions resulted in wrongful gains for the accused while causing financial losses to ICICI Bank.
Following a thorough investigation led by Inspector Khitish Patra and Sub Inspectors Siddharth Pradhan and Sampad Mohanty, the police have arrested four persons: Md. Tabrez Alam, proprietor of Libas Tailors; an employee from ICICI Bank’s Credit Card Department; the proprietor of Tax and Accounting Services, Udit Nagar; and the proprietor of RN Traders, Udit Nagar.
Authorities have seized three POS (Point of Sale) terminals used in the fraudulent transactions. Further investigations are ongoing to identify additional accomplices, and other enforcement agencies have been notified to assess potential links to similar fraudulent activities.
