The investigation into the ₹13 crore Fixed Deposit fraud at a Bank of Baroda branch in Lucknow has widened, with police arresting 3 more individuals linked to the main accused. After earlier detaining alleged kingpin Shiva, a Bank Mitra and his associate Deepak, authorities have now taken into custody Shiva’s wife Bhagyawati Rao, his mother Kara Nirmala and domestic help Vikas Kumar for allegedly helping divert and use the defrauded funds.
The fraud took place at a branch operating inside the Shakuntala Mishra University campus on Mohan Road. Shiva allegedly cheated nearly 100 customers by promising to open Fixed Deposits in their names. Instead of investing the money, he reportedly issued forged FD receipts and siphoned off the funds for personal use. Investigators traced transactions of nearly ₹12 crore in the accounts of the 3 newly arrested accused. Around ₹1.5 crore was allegedly transferred to Vikas Kumar’s account and a car was reportedly purchased for him using part of the siphoned amount.
During search operations, police recovered jewellery worth about ₹2.5 lakh, a car, silver coins, 3 mobile phones, a laptop, a printer and ₹47,000 in cash. Officials said the seized printer was used to generate fake FD receipts given to customers as proof of investment. Investigators believe such a large-scale fraud could not have been carried out alone and suspect involvement of additional individuals, including certain account holders and possibly insiders. Financial records of linked accounts are under scrutiny. Sources indicate that some funds were invested in jewellery, household electrical appliances and properties.
A related incident occurred on November 25, 2025, when a major fire broke out at the same bank branch under suspicious circumstances, reportedly destroying important documents. Customers had alleged that the fire was set deliberately to remove evidence. While the fire is being probed separately, officials are examining any link to the scam. Many victims said they had invested life savings meant for education and marriage expenses. All arrested accused have been sent to judicial custody and the investigation is ongoing.
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