Delhi Police Bust Bank Impersonation Syndicate, Seize Assets Worth ₹2.5 Crore

October 29, 2026

New Delhi: Delhi Police have arrested two men for allegedly cheating Bank of India officials of ₹22.56 lakh by posing as a corporate account holder and sending forged payment instructions. Police have seized assets worth around ₹2.5 crore, including gold jewellery, 101 gold coins, cash and an SUV, in this and related cases.

One of the arrested men was also found to be a proclaimed offender who had been absconding for more than seven years in a forged currency case, police said on Thursday.

The case began with a complaint from the branch manager of Bank of India at Rajendra Place in New Delhi. On August 5, a man posing as Deepak Malhotra, a director associated with several companies holding accounts at the branch, contacted bank officials.

According to police, the caller first spoke about opening a fixed deposit receipt (FDR) worth ₹1 crore. He later claimed that his company needed to make a payment but had run out of cheque leaves. He asked the bank to process the payment through email.

The accused then sent an email from an address closely resembling the company’s registered email ID. The message carried a forged company letterhead and instructed the bank to transfer ₹22,56,922 to another account.

When bank officials asked for the required indemnity documents, the caller allegedly pressured them by saying that similar transactions had been carried out earlier. He also stressed that the payment was urgent. The bank eventually processed the RTGS transfer.

An e-FIR was registered at the Central District Cyber Police Station under relevant sections of the Bharatiya Nyaya Sanhita (BNS).

How Police Tracked the Accused

During the investigation, police traced the money to a mule bank account held with Bandhan Bank in West Bengal. Analysis of telecom records, digital evidence and communication details helped the investigators identify the suspects.

A team led by Sub-Inspector Kamlesh Kumar arrested Vinay Kumar Yadav, 36, a resident of Loni in Ghaziabad, Uttar Pradesh, and Anil Kumar Sehgal, 65, who lives in Noida.

Investigators found that the accused allegedly used forged company letterheads, email IDs designed to look genuine and social engineering tactics to target corporate bank transactions. The money was later diverted into other assets, including gold purchased from a jeweller in West Bengal.

Police said both men had previous involvement in financial fraud cases reported in several places, including Ghaziabad, Saharanpur, Ayodhya and Faridabad. They allegedly became acquainted while in jail and had earlier been involved in cheque-related frauds using so-called magic pens.

Six Similar Cases Linked to the Arrests

The arrests have also helped police solve six similar cases registered in Gurugram, Palwal and Delhi. The cases involved alleged fraud amounts ranging from ₹16.65 lakh to ₹2.98 crore. Police have also linked the accused to an attempted fraud of ₹88 lakh.​