Archive · 7 Jun 2025
Two Men Sentenced to Five Years in Bank Fraud Case
Imagine some bad guys tried to trick a bank into sending money to other countries.
Two men, Raza Naqvi and Varun Rana, pretended to be someone else to open accounts at Shinhan Bank.
They then sent a lot of money, about 68 crore rupees, to places like Singapore and the US.
The bank got suspicious after seeing unusual activity.
The men were caught and found guilty of a crime called financial fraud.
They have to go to jail for five years.
Some other people were also involved, but some were found not guilty, and some are still missing.
Raza Naqvi and Varun Rana were convicted for a financial fraud.
The fraud involved Rs 68.22 crore against Shinhan Bank.
The fraudulent activity occurred between September and December 2020.
Money was sent to companies in the US and Singapore.
Two others are absconding, while one was acquitted.
- Who
- Raza Naqvi and Varun Rana were convicted by a magistrate's court for fraud against Shinhan Bank.
- What
- Raza Naqvi and Varun Rana were convicted for a Rs 68.22 crore financial fraud.
- When
- Between September and December 2020
- Where
- Mumbai and Delhi, India
- Why
- Naqvi and Rana were found guilty of a white-collar crime that involved sending money to the US and Singapore
- Convicted
- Raza Naqvi and Varun Rana
- Sentence
- Five years rigorous imprisonment
- Fraud Amount
- Rs 68.22 crore
- Bank
- Shinhan Bank
- Fraud Period
- September - December 2020
- Other Accused
- Sumit Verma (acquitted), Anuj Kumar Chand and Sunita Devi (absconding)