RBL Bank sues the National Head of its credit card department and ten other people

For allegedly robbing the bank of Rs 12.02 crore, the RBL Bank has filed a fraud case against Rudhir Bhupinder Sarin, the national head of its credit card department, and ten other top personnel from their offices in Ahmedabad, Rajkot, Mumbai, and Gurugram, as well as their unidentified associates. The accused bank employees colluded with direct selling agents and forced the complaint bank to pay them an excessive charge in order to syphon off money under the guise of selling credit cards from their bank.

According to the complaint, between March 2021 and March 2022, the accused appointed agents for direct selling of the bank's credit card. “The accused bank officials, under the pretext of selling credit cards of their bank, connived with direct selling agents and made the complainant bank pay them an excess fee to siphon off money. The accused, in order to siphon off money, also allegedly sold credit cards in the name of non-existing or bogus agents,” the complainant states in the FIR.

The accused persons allegedly accepted kickbacks of Rs 4.29 crore from the direct selling agents, causing a wrongful loss of Rs 12.02 crore to the bank, the complainant alleged in his statement to the police.

The entire fraud surfaced on March 23, 2021, when chief vigilance officer of the bank Durgadas Rege received inputs from a whistleblower about executives from Mumbai credit card sales unit— Ansari Wahid and Sumit Jaiswal—accepting kickbacks from direct selling agents.

After the information was found to be true, the bank conducted a thorough investigation and found that the named bank executives from Mumbai, Gurugram, Rajkot and Ahmedabad offices carried out the massive fraud and accepted kickbacks directly in their and their relatives’ bank accounts, states the FIR.

“We have booked the accused Sarin and other bank executives under 15 sections of the IPC for criminal conspiracy, cheating, criminal breach of trust, forgery, falsification of documents, etc. The case is likely to be transferred to the Economic Offences Wing of the Mumbai police for further investigation,” said an officer from the NM Joshi Marg police station.