HSBC probe finds 55 fake credit cards, FIR registered

In June this year, the bank received applications for 55 credit cards through the portal, which were issued and delivered to customers via courier

Mumbai: The Azad Maidan police have booked unidentified persons for obtaining 55 credit cards from HSBC Bank using forged documents and addresses and duping the bank of ₹1.26 crore. The bank’s financial crime investigation unit probed the matter based on which Nayan Bhagdev, vice president of the unit, submitted a formal complaint to the police, said officials.

HSBC probe finds 55 fake credit cards, FIR registered

HSBC Bank has more than 25 branches in India and Bhagdev is responsible for investigating cases of fraud involving loans, credit cards and money laundering, he stated in the complaint. The bank has an agreement with a financial services portal using which customers can apply for credit cards. As per the agreement, applicants whose CIBIL score is above 750 can apply for credit cards by filling up a form and submitting a know-your-customer video with PAN and Aadhaar details.

In June this year, the bank received applications for 55 credit cards through the portal, which were issued and delivered to customers via courier, Bhagdev stated in the complaint. It was later observed that 38 customers had utilised their full credit limit, withdrawn money, and transferred it via money transfer applications.

“The bank immediately conducted a probe and found that the IP address from which know-your-customer videos were uploaded was of Assam although the applicants claimed they were residents of Mumbai Delhi, and Bengaluru. Immediately, the remaining 17 credit cards were blocked,” said a police officer from Azad Maidan police station.

The unidentified accused have been booked under sections 120B (criminal conspiracy), 34 (common intention), 420 (cheating), 465 (forgery) and 471 (using a forged document or electronic record dishonestly or fraudulently) of the Indian Penal Code, said police.