Mumbai: AÂ Rs 1,000 crore banking racket has been uncovered by Mumbai’s economic offences wing. The mastermind of the scam is reported to be Mohammed Fashiuddin of the Showman Group and involves multiple persons who conspired to perpetrate widespread fraud at banks including Dena Bank and Oriental Bank of Commerce.
The criminal syndicate allegedly also carried out fixed deposit scams at other public sector banks, including UCO Bank, Syndicate Bank, Bank of Baroda, Vijaya Bank, and Dhanalakshmi Bank.
The EOW has registed 10 FIRs against several individuals as well as officials of public sector banks. So far, six of the accused have been arrested, and searches conducted at their offices and homes.
The role of officers at Bank of India, Indian Overseas Bank,, and Dena Bank is being investigated. Among the institutions who were victims of the fraud are the MMRDA, PG Foils and SIES Trust.
The racket comes on the heels of a massive loans-for-bribes scandal uncovered at Syndicate Bank.