Gang running fake 'second channel' banking fraud busted, 2 arrested, Rs. 1.31 cr seized in Hyderabad

Hyderabad: The special operation team, Balanagar zone, busted a gang involved in a fake banking scheme and seized cash worth Rs. 1.31 crore from them. Two members of the gang were arrested on Wednesday.

Three gang members – Davanageri Sathyanarayana, Vishal G. Sakpal, and Sushanth Prem Das Gaurav – are absconding while Priya Ranjan Nayak (33) and Kudikala Prem Kishore (48) have been arrested.

According to the police, the gang used to approach people and promote a secret banking channel called "second channel", reportedly a secret bank account that is hidden from all bank employees except a few high-level executives. The second channel bank account transactions require a sender account and a receiver account.

Sathyanarayana used to introduce himself as an ICICI second channel account holder. He would tell people he had Rs. 1,000 crores in his account and if this money is transferred to the second channel (receiver) account of other companies, he will get Trade Profit Fund in the ratio of 1:3 as profit. For the second channel transaction, he would ask the victims to pay various charges for slot bookings, account rent, and meetings. He would tell the victims that they would receive money in the ratio of 1:3.

Sathyanarayana would then conduct meetings at different hotels where he introduced the victims to Ajay Pal Singh who posed as the vice-president of ICICI Bank. He told the victims he was officially appointed by the bank as the VP of the second channel transaction process.

Further, Sathyanarayana introduced Vishal as the second channel receiver and convinced people to pay the charges of the receiver directly into Vishal's account for the smooth functioning of the second channel transactions.

Meanwhile, Sathyanarayana used to receive payments for fake charges directly into his bank accounts and after deducting his commission, he transfers the remaining to the account of Rekha Movies that was maintained by Prem Kishore.

Prem Kishore also created fake documents for slot bookings, second account rent payments, ICICI letterheads appointing VPs, and fake bank statements.