₹12 Crore Fraud at Cred’s Parent Company: Axis Bank Employee Among Four Arrested

In a major cybercrime and financial fraud case, Bengaluru police have arrested four individuals, including an Axis Bank relationship manager, for allegedly embezzling over ₹12 crore from Dreamplug Paytech Solutions Pvt. Ltd., the parent company of Cred, a credit card bill payment platform. As per reported by timesofindia.  

Who Are the Accused?

The arrested individuals include:  
1. Vaibhav Pithadiya – Relationship Manager at Axis Bank, Rajkot.  
2. Parmar Neha Ben Vipulbhai – Banking agent from Surat.  
3. Shailesh – Insurance agent and colleague of Vaibhav in Rajkot.  
4. Shubham – Commission agent from Rajkot.  

The arrests followed a complaint by Narasimha Vasanth Sastry, a company executive at Dreamplug.  

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How the Scam Unfolded

The fraud was uncovered on November 12 when Dreamplug executives noticed unauthorized transactions in their Axis Bank accounts. The firm discovered that ₹12.2 crore had been fraudulently siphoned from their current account and nodal account—opened in 2021.  

Axis Bank had issued a corporate ID and four user IDs for these accounts, but only two were activated by the company. The remaining two were exploited by the culprits.  

Modus Operandi  

The investigation revealed a sophisticated scheme involving -   
1. Fake Documentation: The accused submitted forged document including falsified signatures seal and board resolution to manipulate account details.  
2. Unauthorized Changes: Requests to alter the registered mobile number and email ID linked to the accounts were submitted at Axis Bank branches in Ankleshwar (July 22) and Abrama, Surat (October 12). Both requests were suspiciously made using personal email IDs.  
3. Interception of OTPs: With the updated contact details, the accused intercepted OTPs to authorize 37 fraudulent transactions over 14 days (October 29 to November 11).  

Initially, the fraudsters attempted to transfer ₹15.2 crore but successfully embezzled ₹12.2 crore.  

Lapses in Protocol

Despite the dubious nature of the requests—Dreamplug's operations are based in Bengaluru—Axis Bank processed the changes, enabling the fraud. The fraudulent transactions were carried out using emails and mobile numbers, such as [email protected] and 9662369909, linked to the altered account details.  

Current Status  

The cen East Police are investigating the case further while the accused remain in custody.This incident underscore the urgent need for stricter control and vigilance in banking processes to prevent such frauds.

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