Unraveling the Cybercrime Maze: CA Arrested for Fake e-Bank Guarantees Scam in Bengaluru

The cybercrime landscape witnessed another twist as the Bengaluru Cybercrime Police apprehended a 45-year-old Chartered Accountant (CA), Ashish Saxena, hailing from Noida, Uttar Pradesh. His alleged crime? Deceiving 11 individuals with fake e-bank guarantees amounting to a staggering Rs. 168 crore.

The Deceptive Web Unraveled:

According to Bengaluru City Police Commissioner B. Dayananda, Saxena’s modus operandi involved offering counterfeit e-bank guarantees to unsuspecting victims, primarily civil contractors. In return for his deceitful services, he allegedly demanded a hefty commission of Rs. 5 crore.

Understanding the E-Bank Guarantee Conundrum:

E-bank guarantees, known for their electronic issuance process, promise a streamlined approach, reducing the issuance time from days to mere minutes. However, Saxena exploited this system’s efficiency to perpetrate his fraudulent activities.

The Trail of Deception:

Once the victims received the fake e-bank guarantees, they unknowingly uploaded them under the guise of reputable banks like ICICI Bank and South Indian Bank on the National e-Governance Services Limited (NeSL) platform. This intricate web of deceit only began to unravel after a NeSL official filed a complaint on Feb. 7, prompting the police to launch a thorough investigation.

From Kuwait to Custody:

The pursuit of justice led the authorities on an international chase, as Saxena attempted to evade capture by fleeing to Kuwait. However, his attempt to escape the long arm of the law was short-lived, as immigration authorities detained him on Mar. 13 at the Indira Gandhi International Airport in New Delhi upon his return from Kuwait.

Unveiling the Evidence:

Upon his apprehension, authorities seized critical pieces of evidence, including two laptops, six mobile phones, a pen drive, and ten cheque books. Despite these findings, Saxena’s alleged accomplice remains at large, leaving unanswered questions lingering in the air.

The arrest of Ashish Saxena sheds light on the ever-evolving tactics employed by cybercriminals and underscores the importance of vigilance in combating such fraudulent activities. As the digital realm continues to expand, so too must our efforts to safeguard against those who seek to exploit its vulnerabilities for personal gain.


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