Bank ex-staffer uses old login ID, swindles ₹5cr

Bank ex-staffer uses old login ID, swindles ₹5cr 

Shishir.Arya@timesofindia.com 27.04.2025

Nagpur : An outsourced employee who quit his job at apublic sector undertaking bank continued using his login to claim fake tax returns in the name of people who did not even possess an account there. He inserted their PANs against bank details to claim refunds. The fraud is being pegged at Rs 5 crore. The I-T department detected the fraud and sent notices to the bank and its staff, sources said. 

The accused, who handled TDS deductions for deposit holders on behalf of PSU banks, did not surrender his login access after quitting the job. He traced depositors, mainly senior citizens, who did not submit their PAN to the bank. One of the reasons was that their income was too low to be taxed. He accessed the system and put PANs and other details of persons known to him in the bank’s accounts and later claimed a refund with the I-T department, sources said. 

There are several people who earn interest on their FDs. The tax payable on it is deducted at source by the banks which can be claimed later as refund if the amount exceeds the actual tax liability. In this case, the conman meticulously chose accounts where PANs were missing. He used the other PANs to submit the returns instead, the source said.