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Mumbai MIDC police have arrested wanted bank officer Sagar Mohan Mishra for allegedly misusing his position and defrauding a private bank of approximately Rs2 crore. The case also involves five other accused: Siddhesh Patnaik, Rushabh Yadav, Ajay Yadav, Shyamsundar Chauhan, and Vicky Shinde, with Siddhesh Patnaik identified as the prime accused. Investigations have revealed that he orchestrated the scam with the help of other bank officials. Following his arrest, Sagar Mishra was presented before the court, which remanded him to police custody. The police are currently interrogating him to gather further details about the involvement of other officials in the fraud. Sachin Suresh Raut, a senior officer at the Andheri MIDC branch of the private bank, lodged a complaint after discovering fraudulent activities in two bank accounts. The bank had 15 employees authorized to manage funds across six accounts, including Sagar Mishra, Siddhesh Patnaik, Rushabh Yadav, Ajay Yadav, Shyamsundar Chauhan, and Vicky Shinde. Between April 3, 2023, and November 4, 2024, these employees allegedly misused their positions to embezzle Rs2.05 crore, transferring the funds into their own and their relatives' accounts. Investigations have revealed that Siddhesh Patnaik executed the fraudulent transfers with the help of Vicky Shinde. When Sagar Mishra discovered the irregularities, Siddhesh allegedly paid him Rs29.35 lakh to ensure his silence. Sagar then assisted in the fraud by preparing necessary files and handing them over to Siddhesh for processing the illicit transactions. Similar tactics were used by Siddhesh to manipulate other employees, enabling the large-scale financial fraud. Senior bank officials recently detected discrepancies in transactions, leading to an internal investigation. The probe confirmed that Siddhesh Patnaik, along with five other accused, had embezzled ₹2.05 crore, prompting the bank to file a formal complaint with MIDC police. Upon reviewing the internal audit report, senior police officials ordered a detailed probe. After confirming substantial evidence, a case was registered against Siddhesh Patnaik, Rushabh Yadav, Sagar Mishra, Ajay Yadav, Shyamsundar Chauhan, and Vicky Shinde under charges of fraud and embezzlement. Following the registration of the case, police launched a special operation to track down the absconding bank officials. During the ongoing search, Sagar Mishra, who had been on the run for over 1.5 months, was arrested on Saturday. Meanwhile, police efforts are underway to apprehend the remaining accused, who are still at large. Authorities suspect that more bank officials may be involved in the scam, and investigations are in progress. The police have assured that strict action will be taken against all those involved in the financial fraud.

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