A cyber fraud case involving Rs 5.20 crore has been reported in Rajasthan’s Jodhpur, where funds were allegedly siphoned from the bank accounts of NRI businessman and philanthropist Krishna Kumar Mehta, with full recovery still pending three years after the case was registered in August 2023.
According to the victim, an accountant was appointed to manage operations and financial transactions of bank accounts held with IDBI Bank and HDFC Bank. The accused was entrusted with long-term oversight of the accounts and gradually gained full access.
Investigations indicate that the accountant transferred OTP and banking access to his own mobile number, gaining complete control over transactions. When the victim requested account details in July 2023, the accused delayed responses. Subsequent verification revealed that Rs 5.20 crore had been transferred to multiple accounts.
The primary accused has been identified as Gulab Banjara, a resident of the Chopasni Housing Board area in Jodhpur, who worked as a part-time accountant with a monthly salary of approximately Rs 14,500. Despite the limited salary, he had full access to the accounts.
Authorities allege that he began investing funds without authorization into various accounts, which later became part of a cyber fraud network. Some reports indicate that large sums were misallocated during these transactions, resulting in the funds entering a broader fraud network.
Investigations found that the entire amount was transferred across 71 different bank accounts. The funds were rapidly moved between accounts, with some withdrawals made in cash and others through online transactions, complicating the tracing of the fund trail.
In March 2024, police arrested an accused identified as Rishabh from Vaishali district in Bihar after tracking operations over several days. A portion of the defrauded amount had been transferred to his account, from which approximately Rs 60 lakh was recovered. This remains the largest single recovery in the case.
To date, authorities have recovered approximately Rs 1.45 crore, returned in phases from various accounts. Around Rs 3.75 crore remains unrecovered.
The victim has stated that the pace of investigation has been slow, affecting recovery efforts.
Concerns have been raised regarding the initial handling of the case. Suspected bank accounts were not immediately frozen following the complaint, allowing the accused time to transfer funds across multiple accounts.
Cybercrime experts state that the first 24 to 72 hours are critical in such cases for securing the fund trail. Delays during this period reportedly made the investigation more complex.
Investigators found that funds were distributed across a network of 71 accounts to obscure their origin, a method described as “Layered Transaction Fraud.” Several accounts were later closed, further complicating tracking efforts.
Krishna Kumar Mehta is a New York-based NRI businessman and philanthropist with longstanding ties to Rajasthan. He has been involved in social initiatives, including contributions to healthcare and disaster relief. During the COVID-19 pandemic, he provided oxygen concentrators, food supplies, and financial assistance in India.
The victim has alleged delays in key investigative actions, including the formation of a Special Investigation Team and coordination with banking institutions. Investigating officer Manglesh Chundawat stated that more than Rs 1 crore has been recovered so far and efforts to recover the remaining amount are ongoing.
