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🏦 Rajasthan Bank Manager Steals ₹4.5 Crore from 110 Customer Accounts, Loses It All in Stock Market
Jaipur | June 7, 2025 —
In a shocking breach of trust, a bank manager at a rural branch in Rajasthan has been arrested for allegedly embezzling ₹4.5 crore from 110 customer accounts. The accused reportedly diverted the funds into personal demat accounts and lost a majority of the money in stock market trading.
🧑💼 The Modus Operandi
The fraud came to light after multiple customers noticed unauthorized withdrawals and filed complaints. An internal audit was launched, revealing:
Systematic transfers from dormant and active accounts
Forged KYC documents and OTP overrides
Use of shell demat accounts for high-frequency trading
No approvals from branch supervisors on bulk transactions
The accused, identified as Rajeev Sharma, allegedly manipulated banking software to bypass checks over several months.
📉 Stock Market Obsession That Led to His Fall
According to police sources, Sharma believed he could "double the money" by trading in high-volatility penny stocks and speculative midcaps. However, most trades resulted in steep losses.
Investigators believe at least ₹3.7 crore has been lost permanently, while the rest is traceable to brokerage wallets and could be partially recovered.
🔍 Police and Bank Action
FIR registered under IPC sections for criminal breach of trust, forgery, and fraud
Bank authorities suspended the accused pending inquiry
Cybercrime unit is investigating linked accounts and brokerage firms
A compensation plan is being drawn up for affected customers
“This is a serious lapse in internal controls. We are strengthening verification protocols and digital transaction alerts,” said a senior official from the bank’s head office.
📉 Customer Fallout and Industry Reaction
The incident has triggered panic among account holders and reignited discussions about the security of customer deposits in small-town bank branches.
Banking experts are urging institutions to adopt:
AI-based fraud detection tools
Real-time KYC verification systems
Mandatory customer alerts for all high-value transactions
✅ FAQs: Rajasthan Bank Fraud 2025
Q1: Who committed the fraud in the Rajasthan bank case?
A: The fraud was committed by Rajeev Sharma, a manager at a rural bank branch in Rajasthan.
Q2: How much money was stolen?
A: Approximately ₹4.5 crore was siphoned off from 110 customer accounts.
Q3: What did the bank manager do with the money?
A: He invested the stolen funds in stock market trading, primarily speculative stocks, and lost most of it.
Q4: How was the fraud discovered?
A: Customers reported unauthorized transactions, which led to an internal audit and police complaint.
Q5: Will affected customers get their money back?
A: The bank has started working on a compensation plan. Recovery of funds is ongoing through legal and financial channels.
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Reported by Benny on June 8, 2025.