Background and Timeline: On February 6, 2026, police in Varanasi reported a major breakthrough involving the arrest of a private sector bank staffer. The investigation was initiated following a complaint by a citizen who reported being duped of ₹8.99 lakh. The module is suspected to have defrauded multiple investors of more than ₹1 crore over several months.

Modus Operandi: The suspects operated a fake trading application called “NEXT TRADE,” advertised heavily on Facebook. The bank employee utilized his position to provide a veneer of credibility, convincing users that their investments were handled through legitimate channels. Money was immediately transferred to mule accounts and withdrawn while the app showed fabricated profits.

Victims and Financial Impact: The total value of fraud linked to this specific module is estimated at over ₹1 crore across multiple victims. The primary complainant lost nearly ₹9 lakh before his ID was blocked following a withdrawal attempt. Many victims were lured by the promise of high returns, demonstrating the ongoing success of investment-themed social engineering.

Investigation and Agencies Involved: Azamgarh ASP Vivek Tripathi led the investigation into the digital footprints of the fake trading application. Local cyber units analyzed banking transactions to identify how the employee facilitated the illegal movement of funds. They seized three mobile phones, ATM cards, and bank IDs during the initial raids in Ujjain and Indore.

Arrests and Suspects: Two primary accused individuals—Indrajit Dey of Delhi and Ankesh Dhakad, a private bank employee from Indore—were arrested. Four other suspects, including two additional bank employees named Gopal Bhadauria and Pritam, are currently absconding. The arrested duo confessed to running an organized gang that specifically recruited banking staff.

Broader Implications and Trends: The case highlights the rising threat of “insider fraud,” where criminals utilize the credibility of bank staffers to bypass victim skepticism. It demonstrates that the involvement of legitimate financial professionals can significantly increase the success and scale of digital scams. Banks are being urged to implement more rigorous behavioral monitoring.