NAOGAON: Police have claimed to have uncovered a major banking fraud in which Tk 4.54 crore was allegedly siphoned off by exploiting the transaction limit of an Islami Bank credit card through automated teller machine (ATM) booths of different banks.
The fraud was allegedly carried out by using the National Payment Switch Bangladesh (NPSB) network, allowing the accused to withdraw or transfer money beyond the authorised credit limit.
Police arrested the alleged mastermind and his wife from Bogura after conducting a 36-hour operation in connection with a case filed by the bank. They also recovered Tk 15 lakh in cash, seven ATM cards issued by different banks, three cheque books and two smartphones allegedly used in the fraud.
Naogaon Superintendent of Police (SP) Mohammad Tarikul Islam disclosed the information at a press conference held at his office on Saturday (November 14).
The arrested individuals are Shahidul Islam Ripon, 37, of Akkelpur Madhyapara in Badalgachhi upazila of Naogaon, and his wife, Maliha Tabassum Nishi, 28. Shahidul was an investment client of Islami Bank's Naogaon branch.
According to the SP, Islami Bank's Naogaon branch issued Shahidul a Khidmah credit card with a credit limit of Tk 1 lakh in 2015.
Recently, he allegedly exploited the card and the NPSB network through ATM and cash recycler machine (CRM) booths of Pubali Bank to carry out repeated unauthorised transactions.
Initially, the transactions involved amounts of less than Tk 1 lakh each. The amounts were later increased to as much as Tk 2.5 lakh per transaction, far exceeding the authorised credit limit.
Police said more than 420 transactions were carried out between June last year and November 9 this year, resulting in the alleged misappropriation of Tk 4.54 crore from the bank.
The SP said police launched an investigation after receiving a complaint from the bank and subsequently filed a case with Naogaon Sadar Model Police Station.
Following a 36-hour operation in different areas of Bogura Sadar, police arrested Shahidul and his wife.
Acting on information provided by the suspects, detectives recovered Tk 15 lakh in cash, seven ATM cards and three cheque books concealed inside a wooden wardrobe in their bedroom in Bogura.
SP Tarikul Islam said the couple had admitted to their involvement in the fraud during preliminary police interrogation.
According to their statements, they spent around Tk 1.5 crore of the allegedly misappropriated money on purchasing land in Bogura. They reportedly used the remaining amount to maintain a lavish lifestyle.
The police are continuing their investigation to determine whether any bank insiders or other individuals were involved in the scheme.