Chennai Bank Fraud: 49 Staff Arrested for Siphoning Funds, Targeting NRIs

• 49 bank employees arrested this year in Chennai for unauthorized withdrawals and financial fraud.
• 18 cases registered, involving 67 accused including managers; 12 are absconding.
• Investigations led by CCB, cybercrime, and economic offences wings, often triggered by internal audits and customer complaints.
• High-value frauds targeted NRI accounts and fixed deposits, with one case involving Rs 8 crore siphoned from multiple victims at IndusInd Bank.
• Cases include forging signatures for withdrawals, pledging gold, and a former YES Bank manager fleeing after siphoning Rs 7.5 crore.

Why It Matters: Widespread insider fraud in Chennai banks leads to 49 arrests, exposing systemic vulnerabilities.