NRI and Bangalore credit card racket bust- 114 credit cards recovered

 

Bangalore, June 23, 2007
Ramesh Patel

Police arrested three persons-Nagaraja, a film financier; Srikanthpal, graduate in electronics engineering; and Saiprasad, a B.Com degree holder who have cheated several electronics dealers using the stolen NRI credit cards.

Police re coved:

• 114 fake credit cards of 35 banks, including Bank of America, ICICI Bank, Citi Bank and the State Bank of Bartle
• electronic gadgets used by three accused.

NRIs, (Non-resident Indians) also involved in this scam. They stole data from good credit cards and use on fake credit cards.The police said, the man who supplied the credit card data to the arrested persons is probably in the United States.

DCP, (Deputy Commissioner of Police), Mr. K.V. Sharathchandra said, "During interrogation, the accused reportedly said that their accomplices in the U.S. had sent them the data-encoded white plastic cards. Using the state-of-the-art magnetic card reader and writer equipment, the accused here transferred the data from white cards to discarded credit cards. The latter was either procured mainly from the U.S. though some of them were of local origin also. Before transferring the information, they erased the magnetic strip data of the discarded cards."

It is still under investigation that some NRIs may be arrested soon because they had given their credit cards to the accused and falsely informed the bank officials abroad that they had lost the cards. On the other hand the accused had made purchases here using the genuine cards before the banks deactivated the cards.