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Vijayawada Police Arrest Suspect in Alleged ₹5.28 Crore Bank Fraud

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Vijayawada Cyber Crime Police arrest a suspect in an alleged ₹5.28 crore bank loan fraud involving 26 suspected fake Axis Bank accounts.

Vijayawada: Vijayawada Cyber Crime Police have arrested a 45-year-old man in connection with an alleged bank loan fraud involving approximately ₹5.28 crore, according to details provided by the police. Investigators reportedly identified 26 suspected fake savings accounts opened at multiple Axis Bank branches in the city and seized property documents, gold, silver, vehicles and other items during the investigation.

26 Bank Accounts Allegedly Used for Fraud

According to the police information provided, the accused has been identified as Neelam Pavan Kumar, 45, a resident of Guduru village in Krishna district. He was arrested within the jurisdiction of Suryaraopet Police Station.

Investigators allege that 26 fake savings accounts were opened at various Axis Bank branches in Vijayawada from 2019 onwards. The accused allegedly used fabricated salary slips and identity cards to obtain credit cards and different types of loans.

The suspected transactions reportedly involved branches in Gunadala, Eluru Road and the bank's main branch. Police estimate the alleged fraud at approximately ₹5.28 crore.

Property Documents and Other Items Seized

Police stated that they seized 34 immovable property documents reportedly valued at around ₹7 crore from the accused. Other seized items reportedly include:

  • One car and one motorcycle

  • 122 grams of gold

  • 927 grams of silver

  • Nine ATM cards

  • ₹11,500 in cash

The reported value of the property documents and their connection to the alleged offences will need to be established through the investigation and relevant records.

Special Teams Conducted the Investigation

According to the supplied police information, special teams were formed on the instructions of Vijayawada Police Commissioner S. V. Rajasekhar Babu, IPS. The investigation was conducted under the supervision of DCP Cyber Crime K. Krishna Prasanna, IPS, with a focus on technical evidence and financial transactions.

The case was reportedly registered as Crime No. 31/2026 under Sections 340(2) and 318(2) of the Bharatiya Nyaya Sanhita (BNS) and Section 66-D of the Information Technology Act.

Police also stated that cases had previously been registered against the accused at other police stations. The details of those cases should be independently verified before publication.

The investigation is expected to examine the opening of the bank accounts, the documents submitted for loan applications and the financial transactions involved.

The allegations against the accused remain subject to judicial proceedings. He must be presumed innocent unless proven guilty in court.

By News National Editorial Team

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