Last Updated:
Hathras residents were taken aback when Akash, who started with a modest investment of Rs 500, reportedly amassed Rs 5 crore in a short span
The funds obtained through these transactions were reportedly invested in the stock market via an online investment broking app, with around Rs 3.5 crore reportedly allocated to shares.
In a case that has left locals stunned, a 23-year-old man from Hathras, Uttar Pradesh, has come under police scrutiny for allegedly defrauding a bank of Rs 5 crore in just four months. The youth, identified as Akash, had taken over the responsibility of his household following the death of his father and ran a small eatery, ‘Maa Chamunda Sweet and Namkeen’, selling kachoris.
Residents were taken aback when Akash, who started with a modest investment of Rs 500, reportedly amassed Rs 5 crore in a short span. He is said to have purchased a Yamaha R15 bike worth Rs 2.5 lakh, booked a Thar car, and acquired gold valued at approximately Rs 3.5 lakh. Neighbours began questioning the source of his sudden wealth, prompting suspicions that eventually reached local authorities.
Recommended Stories
Upon receiving the information, the Hathras police constituted a Special Operations Group (SOG) to probe the matter. The team quickly traced Akash’s financial transactions to an account he had opened at the Bank of India. According to the police, the revelations by the bank left investigators shocked. Akash was promptly taken into custody and is currently being interrogated. Officials have not disclosed the details of his statements so far.
Preliminary investigations suggest that Akash exploited the overdraft facility to generate the massive sum. In May 2025, he reportedly opened an account with HDFC Bank with an initial deposit of Rs 500. Within days, he withdrew Rs 5,000 through an overdraft. Over time, he made several deposits, increasing the overdraft limit, and eventually withdrew Rs 50 lakh without depositing the equivalent amount. By conducting nine such transactions, Akash is alleged to have extracted a total of Rs 5 crore.
The funds obtained through these transactions were reportedly invested in the stock market via an online investment broking app, with around Rs 3.5 crore reportedly allocated to shares.
Meanwhile, police sources indicate that three bank employees are also under investigation for their potential role in the alleged fraud. Authorities are continuing their inquiry into the case to determine the full extent of complicity.
Hathras, India, India
September 16, 2025, 17:32 IST
Loading comments…
Read More
