Nagpur/Tumsar: In a dramatic raid, a joint team of the Local Crime Branch (LCB) and Anti-Terrorist Branch (ATB) of Bhandara police seized ₹5 crore in unaccounted cash from Rajkamal Dry Cleaning Art shop in Tumsar’s Indira Nagar on Tuesday. The operation, carried out with the help of local police, has exposed an alleged interstate money-laundering and fraud racket involving bank officials.
According to sources, the police have arrested Axis Bank’s Tumsar Branch Manager Gaurishankar Dhokchandra, Operations Head Vishal Thakur, and eight others in connection with the seizure. Investigators believe that the duo was part of an elaborate financial scam, where funds were illegally withdrawn from customer accounts and routed through fraudulent transactions.
Preliminary findings suggest that the ₹5 crore was sourced from Axis Bank’s Tumsar branch and was about to be handed over to suspected fraudsters when police swooped in. The culprits had promised to return ₹7 crore via RTGS once the cash was delivered. However, delays in the transaction raised suspicion, leading to the well-coordinated police action.
Modus Operandi: A high-stakes money-doubling scam
Media reports indicate that the scam was orchestrated by a Chhattisgarh and Gondia-based gang specializing in money-doubling frauds. The gang allegedly lured bank officials into the scheme by offering lucrative returns.
According to SP Bhandara Noorul Hasan, the funds were transferred from MD Traders (₹3 crore) and Aman Scrap (₹2 crore) into accounts of Asit Traders and Rohit Traders in Gondia. The fraudulent transactions were detected when the expected RTGS transfer of ₹7 crore failed to materialize, leaving ₹5 crore in cash still at the laundry when police acted on a tip-off.
The police, led by SP Noorul Hasan, quickly mobilized teams from LCB and ATB to raid Rajkamal Dry Cleaning Art shop, owned by Jagdish, who is now in custody. The massive cash haul — consisting of ₹500 and ₹100 denominations — took nearly two hours to count using counting machines.
SP Hasan expressed concern over the misuse of customer funds by private banks, highlighting blatant violations of RBI regulations and banking norms. Senior officials from Axis Bank have been alerted, and further investigations are underway to uncover the full extent of the scam.
High-level investigation underway
Law enforcement agencies, including the Enforcement Directorate (ED), Income Tax Department, and the Reserve Bank of India (RBI), are expected to be roped into the probe. With the arrest of key bank officials, investigators are now focusing on identifying other individuals involved in the racket and tracking the money trail across multiple states.
The high-stakes raid was executed by a team of senior officers, including Police Inspectors Nitin Chincholkar, Milind Tayade, Pradeep Shahare, Pankaj Bhitre, Sachin Deshmukh, Ravindra Gabhne, Sachin Sarode, Rajendra Thakre, and Devendra Chamat. They were assisted by PSIs Sayyam, Parimal Mulkalwar, Bandu Kachgunde, Raju Girepunje, and several other personnel from Bhandara police.
What’s next?
As the probe deepens, authorities are scrutinizing the bank’s financial transactions and identifying potential accomplices. The involvement of organized fraudsters and bank officials raises serious concerns about security loopholes in private banking operations.
With ₹5 crore already seized, police suspect that the racket may have siphoned off even larger sums through fraudulent banking channels. Further arrests and revelations are expected in the coming days.