Jammu, March 18: A major banking fraud involving approximately ₹1.77 crore has surfaced at the Jammu Central Cooperative Bank (JCC Bank), with three IT employees accused of siphoning funds through fraudulent NEFT and RTGS transactions, officials said on Wednesday.
The fraud came to light at the bank’s Shastri Nagar branch, where a suspicious entry during routine scrutiny raised alarm. Further investigation revealed hundreds of such transactions that allegedly lacked supporting vouchers, with funds routed to accounts linked to the accused employees and their family members.
The case has now been handed over to the Crime Branch for a detailed probe.
The accused have been identified as Amit Gupta, Bhupinder Singh and Rohit Sharma, all working in the bank’s IT section. Officials said Rohit Sharma is suspected to be the mastermind behind the operation.
Preliminary findings suggest that the fraudulent withdrawals were executed digitally using NEFT and RTGS channels, allowing the accused to bypass conventional checks.
Officials told the news agency Kashmir News Trust that the scale of the fraud could be larger, as the bank operates multiple branches across Jammu, including Gandhi Nagar, Talab Tillo and Sainik Colony, and similar suspicious transactions may have occurred at these locations.
“The matter came to notice after a doubtful entry was detected. On scrutiny, multiple such entries without vouchers were found, and the money had been transferred to linked accounts,” an official familiar with the investigation said.
Authorities said internal records are being examined to determine the full extent of the fraud and whether systemic loopholes were exploited.
The incident has triggered concern among account holders, with many expressing anxiety over the safety of their deposits.
A customer said, “If such frauds happen within the system, people will lose trust. Even banks are not safe then.”
Officials said efforts are underway to trace the diverted funds and assess recovery possibilities. The role of internal controls and oversight mechanisms is also under review.
The Crime Branch is expected to question the accused and examine digital logs, transaction trails and banking systems to establish how the fraud was carried out over a period of time.
The case highlights growing concerns around cyber-enabled financial frauds, particularly those involving insiders with access to banking infrastructure.
Further details are awaited as the investigation progresses. [KNT]
