The Economic Offences Wing (EOW) of Ahmedabad Police’s Detection of Crime Branch (DCB) arrested Vipulkumar Saileshkumar Patel, a senior official of Amarnath Cooperative Bank Limited, on January 16 for allegedly misappropriating over ₹2.5 crore through bank fraud. Patel, the senior executive manager of the Stadium Road Branch in Ahmedabad, is accused of diverting public funds into his personal accounts via RTGS transactions.
The arrest come after the allegations that Patel misused Axis Bank’s OTP system for RTGS transfers between February 20 and June 5 last year. Patel reportedly manipulated employees to make false entries to conceal the fraudulent transactions. The 35-year-old has been booked under sections of the IPC for cheating and fraud. A local court granted the EOW a five-day remand for further investigation.