A financial scam has allegedly been uncovered in Hyderabad, India, involving Axis Bank officials from the Begumpet branch. Rs 6.5 crore (approximately $85 million USD) was allegedly stolen from the account of Paritosh Upadhyay, an overseas citizen of India (OCI) living in New South Wales, Australia, over a period of two years. The accused officials, including the former branch head, senior partners, senior vice-president, and others, are charged with various counts of cheating, forgery, and breach of trust. According to Upadhyay, the bank officials forged his signatures to siphon off the funds and he reported the crime to the bank management, but no action was taken. The scammers used loose-leaf cheques to withdraw funds and transfer money without explicit instructions, leaving Upadhyay to suffer financial losses for two years before seeking justice. The case is now under investigation.
