Another nabbed in Noida FD fraud, 10th arrest in 20 mths

Noida: A Delhi resident was arrested in connection with a Rs 4 crore fraud from Noida Authority's bank account in 2023. The accused, Varun Kumar Tyagi, had allegedly impersonated a Noida Authority employee to fraudulently obtain the money by using forged documents to open a fixed deposit account. He was arrested in a joint operation by the crime branch and a team from Sector 58 police station on Friday.
Additional DCP (Noida), Sumit Shukla, said in July 2023, an FIR was filed at the Sector 58 police station, stating that the Authority initiated proceedings to open a Rs 200 crore FD with Bank of India, Sector 62 branch. After the bank confirmed the account was opened, the Authority transferred Rs 200 crore and the bank issued two FDs.
It was later found the FDs were not opened at all, and Rs 3.9 crore was transferred to another account. "The bank stopped the transfer of Rs 9 crore after realising that the documents provided for the transaction were forged," Shukla said.
Later, it was found that the documents for the two FDs were fake, and that the account opened by the Authority was being operated by a person named Abdul Khadar.
Sector 58 SHO, Amit Kakran said, so far, nine people, have been arrested.