Financial Fraud Unearthed: Five Arrested in Assam for Rs 1.26 Crore Credit Card Scam

In a major breakthrough the Mumbai Police have arrested five individuals from Morigaon district in Assam for allegedly defrauding HSBC Bank to the tune of Rs 1.26 crore through the use of forged documents and identity theft.

According to officials, the accused procured fake PAN cards and forged documents, using the personal data of individuals with good CIBIL scores. They then used these documents to generate Aadhaar cards from local centers and applied for credit cards with HSBC Bank. Over a period spanning February 23 to June 20, 2024, a total of 55 fraudulent credit cards were issued and used for transactions and fund transfers, ultimately resulting in a loss of Rs 1,26,98,327 to the bank.

The case was registered at Azad Maidan Police Station based on a complaint filed by Mr. Nayan Chandrakant Bhagdev, Vice President of Financial Crime Investigation at HSBC. The case involves charges under sections 420, 465, 468, 471, 120(B), and 34 of the BNS, along with sections 66(C) and 66(D) of the Information Technology Act, 2000.

During the investigation, Police Inspector Shamrao Patil and his team traced the digital footprint of the accused through bank account statements, transaction histories, and mobile phone records. A technical probe helped identify the key conspirators and gather solid evidence against them.

Following extensive surveillance and with the support of Lahorighat Police Station and the Morigaon District Police, a night-long search operation was conducted on April 17, 2025,, across five villages in the sensitive and crime-prone district of Morigaon, Assam. As a result, five accused were arrested.

During preliminary interrogation, the accused also admitted to defrauding other financial institutions such as Aditya Birla Finance, Axis Bank, and L&T Finance using similar forged documents to obtain loans and credit facilities worth several crores.