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Plastic money is the latest form of making any sort of monetary transaction these days. While almost everyone wants to own a credit card there are several incidences reported on the daily basis that sometimes prohibit us from getting ourselves one. Recently, it was found that a man hailing from Mumbai has allegedly spent a whopping amount of Rs 9.1 crore ($1.41 million) on several e-commerce websites. The following transactions were made by a foreign travel card issued by the State Bank of India (SBI) with a limit of just Rs 13,000 ($200). Soon after the alleged monetary fraud was highlighted, a case was filed by the CBI.
The matter was highlighted; the SBI filed a complaint with the CBI. In the complaint filed, the SBI stated that the card was issued by its NRI Seawoods branch in Navi Mumbai. The prepaid application of Foreign Travel Cards was provided by Yalamanchili Software Exports Ltd and the database support resources were provided by MPhasis. As per the complaint filed, the Chief Operating Officer (CEO) of Yalamanchili Software Exports Ltd had reported the following incident to the bank on February 28, 2017.
After the matter was highlighted, it was found that the balance in prepaid card system has been altered fraudulently for authorisation of three foreign travel cards belonging to a single individual. The complaint accessed by the PTI read, “The authorisations have mainly happened over e-commerce websites of four merchants and involve around 374 transactions amounting to $1.41 million. These transactions have happened over a period of three months — from November 8th, 2016 to February 12, 2017”. In the complaint filed, the SBI bank has alleged that the card was issued by NRI Seawoods branch in Mumbai on November 7, 2016. It was also found that two more similar cards were issued to the cardholder. The accused that has been booked by the CBI has been identified as Sandeep Kumar Raghu Poojary.
For $200, the cards were issued to Sandeep Poojary after that there was no load or reload on the cards. From November 8, 2016, the e-commerce transactions took place at Neteller.Com, entropay, swift voucher and SKR Shrill.Com. Commenting on the matter, the bank alleged that the transactions were made via Visa with Merchant country code as Great Britain with the transaction and billing currency as USD, PTI reported. During the initial investigations, it has been suspected that the balance in the card was manually altered via the Oracle Database access. The bank also alleged that post-authorisation the settlement transaction and authorisation were deleted from the prepaid card system including the general ledger entry and so the balance sheet generated on the prepaid card system did not get any difference.
The following case, being investigated by the CBI, comes to wake while a government own bank Punjab National Bank (PNB) was defrauded by celebrity diamond designer Nirav Modi and Gitanjali Gems owner Mehul Choski. Both the accused have reportedly left the country and looted over one thousand crore rupees.