Sri Vijaya Puram, July 3: The Crime & Economic Offences Unit of the Criminal Investigation Department (CID) has found that more than ₹1 crore from the alleged ₹1.26 crore ATM cash misappropriation was lost through online betting on the 1XBet platform, marking a major development in the ongoing investigation into the high-value banking fraud in South Andaman.
According to the investigation, the two arrested accused allegedly diverted cash entrusted to them for replenishing Automated Teller Machines (ATMs) and Cash Recycling Machines (CRMs) before using a substantial portion of the misappropriated money for online betting. Investigators further found that the remaining amount was allegedly spent on personal expenses.
The accused, Aasif Karim, a resident of Mithakhari, Ograbraj, and Vishal Kumar, a resident of Manglutan, are currently lodged in judicial custody.
The case originated from an FIR registered by the Crime & Economic Offences Unit on June 27 following a complaint filed by Raj Kumar Mitra, Manager (Banking) and authorised representative of SIB Services Private Limited, a cash management and logistics company engaged by Axis Bank and ICICI Bank for transporting and replenishing cash in ATMs and Cash Recycling Machines across South Andaman.
According to the complaint, both accused were employed as cash custodians and were responsible for transporting, accounting for and depositing cash into designated Axis Bank and ICICI Bank ATMs and CRMs at multiple locations across South Andaman.
The complaint alleged that discrepancies first surfaced during cash operations on June 17. It further stated that both employees later submitted self-declarations allegedly admitting to stealing nearly ₹90 lakh, prompting the company to initiate a detailed audit on June 19.
The audit allegedly uncovered discrepancies extending over several months and found that cash entrusted to the accused for ATM and CRM replenishment had not been deposited into the designated machines. Instead, the funds were allegedly dishonestly retained and misappropriated.
According to the complaint, the company also obtained written statements from both accused acknowledging that they had retained and misappropriated entrusted cash amounting to ₹1,18,88,000.
The complaint further alleged manipulation of official records to conceal the shortages, including the use of a forged voucher dated June 12, 2026, relating to an Axis Bank Cash Recycling Machine at Port Blair. The company alleged that a voucher showing a deposit of ₹41.28 lakh was substituted for the actual deposit of ₹33.78 lakh, allegedly concealing a shortfall of ₹7.50 lakh.
Overall, SIB Services alleged that the acts caused a wrongful financial loss of approximately ₹1,26,38,000 through criminal breach of trust and dishonest misappropriation of entrusted funds.
Police had registered the case under multiple provisions of the Bharatiya Nyaya Sanhita relating to criminal breach of trust, cheating, forgery and criminal conspiracy. The CID investigation is continuing, and further legal action, if any, will depend on the outcome of the enquiry.
