ICICI bank manager arrested for aiding fraudsters unfreeze bank accounts of loan apps

The bank accounts were earlier frozen by the police as part of an investigation into a fraudulent loan app with Chinese investors.

An ICICI branch manager from Kolkata was arrested by the Hyderabad police in West Bengal for allegedly taking a bribe and unfreezing bank accounts linked to the ongoing investigation into a fraudulent loan app with Chinese investors. The accused Rakesh Kumar Das allegedly took Rs 36 lakh for unfreezing seven of the 12 bank accounts from which Rs 1.18 crore was transferred to SBI accounts in Hyderabad. The bank manager allegedly aided a fraudster who had visited the bank impersonating a Kolkata police officer.

On April 21, a man approached the West Bengal Alipore branch of ICICI bank claiming to be a police officer from Hyderabad. The man was also in possession of a fake letter from the Kolkata police directing the bank to unfreeze 12 bank accounts frozen as part of an ongoing nationwide investigation into a loan app and online betting racket.

 Rakesh, the bank manager at the branch, helped unlock eight of 12 bank accounts. These bank accounts were frozen as part of the Hyderabad cyber crime police investigation into a web of companies that operated several loan apps. These loan apps with Chinese investors provide credit as low as Rs 1,000 but levy exorbitant interest rates and processing fees. The apps



also employ harsh recovery methods which led to suicides in Telangana, Tamil Nadu, Maharashtra. It was these deaths that spurred investigations by the Hyderabad cyber crime police.

The man, who was later apprehended by Hyderabad, was identified as Nallamothu Anil Kumar, who had previous allegations of fraud against him. He was arrested on June 14 in West Bengal and brought to Hyderabad.

Anil transferred the money to the SBI bank account belonging to Anand Jannu, who was arrested on June 2.

The Hyderabad Cyber Crime Police began an investigation into the case based on a complaint filed by the Regional Manager of ICICI Bank, Gachibowli. At the time, the complaint stated that Rakesh was threatened with dire consequences if the bank accounts weren't frozen.

KVM Prasad, the Assistant Commissioner of Police, for the Hyderabad Cybercrime division told Times of India that Anil was working with another person identified as Uttam Chowdhary who paid him Rs 36 lakh to unfreeze the accounts.

The officer pointed out that bank accounts frozen by the police as part of an investigation can only be unfrozen after obtaining a court order. Prasad said despite knowing that the accounts were frozen by the Hyderabad police, Rakesh has unfreezed the accounts based on a fake letter from Kolkata police.