According to media reports, Bengaluru police arrested four people, including an Axis Bank manager, for allegedly embezzling more than Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug owns and operates the fintech unicorn, CRED.

Furthermore, as per the Times of India article, the detained individuals include Vaibhav Pithadiya, an Axis Bank relationship manager in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent in Rajkot; and Shubham, a commission agent in Rajkot.

The arrests were made in response to a complaint filed by Narasimha Vasanth Sastry, an executive with CRED. For the uninitiated, members utilize CRED for more than just credit card payments, with a particular emphasis on P2P UPI transfers.

The theft was discovered on November 12 after Dreamplug executives noticed strange activity in their bank accounts. They discovered that Rs 12.2 crore had been unlawfully taken from two Axis Bank accounts: a current account and a nodal account opened in 2021.

According to the study, the fraudsters carried out 37 transactions over 14 days, from October 29 to November 11, transferring Rs 12.2 crore to numerous accounts across the country.