CHENNAI: Chennai police have arrested a former bank employee who allegedly collected misplaced ATM cards and swindled about Rs 10 lakh using a PoS machine.
R Saravanan (28), a resident of Kattupakkam, was exploiting the wifi-enabled cards which do not require the pin for transactions up to Rs 2,000. For this purpose, the accused had purchased a PoS machine in the name of one of his friends without the latter's knowledge. Hed used the cards to transfer amounts lesser than Rs 2,000 repeatedly, police said while explaining the modus operandi.
Police said they began the investigation in July based on the complaint of one Hari Vishwanath who lost his debit card and two days later received messages that Rs 15,000 was spent from his account. The Ambattur cyber cell found that the card had been swiped in a Paytm Point of Sale (PoS) machine to purchase a few products.
The money flow showed that the amount was transferred to the account of Saravanan. Police said during the interrogation they found that Saravanan had been collecting the misplaced cards from ATM centres.
Police said Saravanan had made about Rs 10 lakh by this and they have recovered the PoS machine and 14 debit cards.
Saravanan had earlier worked as a cashier in a private bank and quit the job due to personal issues. He had spent much of his savings for medical treatment for his 4-year-old child. "He said he resorted to this to meet his expense," said an investigating police officer. He had been remanded in judicial custody.