Ahmedabad, Nov 7: A Rs 3.73-crore fraud was detected at the Bank of Baroda's Odhav branch here last week. The modus operandi involved a gang intercepting the BoB's branch-to-branch transactions within Gujarat and between Mumbai-Ahmedabad.

During the past five months, similar frauds were detected at BoB's three other branches - Rs 50 lakh in Mehsana district in June, an unspecified amount at Devli in Rajkot last month and Rs 21 lakh at Mansa, also in Mehsana district, on November 3.

It was only in Odhav branch where a vigilant bank staff could recover Rs 23 lakh from the total fraud amount of Rs 3.73 crore.

Six people have been arrested by the Central Bureau of Investigation. Other investigating agencies, working on the case, are trying to reach the mastermind behind the entire operation.

According to investigating officials, the modus operandi of the gang in all these frauds, perpetuated or averted, was to intercept branch-to-branch mail tansfers or banker's advices, forge them and then sent the same to pay the party `inflated' amounts with possible help from some bank staff. Officials said that at the Odhav branch about 30 instruments, varying from Rs 10 lakh to Rs 15 lakh each, were deposited.

On receiving forged bank advice from its Mumbai branches, Odhav's staff credited the `fake amounts' to the depositors' accounts, which were later withdrawn without the rest of the staff sensing any foul play. It was only in two such cases that the staff could locate the `depositors,' who were promptly arrested.

Interestingly, even after the fraud was detected at Odhav, an `account- holder' deposited a mail transfer worth Rs 21 lakh at Mansa branch last Monday. The moment some vigilant staff suspected forgery, they kept the party waiting on the pretext that "it will take some time to arrange such a huge amount, since the branch had just opened after a Diwali-break". The trap was perfectly laid to nab the party, the officials added.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.