Two college students on Thursday were arrested for allegedly cheated over 10 banks of Rs 1 crore across the country in a year.

Identified as Asif Khan (19) of Rajasthan and Asmat Khan (21) of Haryana, the duo was caught after the Ngapada police station received a tip-off informing their next target to be Mumbai city.

According to reports, both of them had opened several bank accounts in 2018 and deposited a negligible amount of money in each of them.

“They had over 50 debit cards that they used to withdraw cash from ATM machines. They had learnt how to switch off the machines just before the cash was dispensed,” said Santosh Bagve, senior inspector, Nagpada police station.

“The banks would check their records and only see that the transactions had failed due to machines going offline, and would refund the same amount of money that the accused had already withdrawn,” he added.

The accused allegedly carried out the operation by deliberately switching off the ATM machines after initiating the cash transaction. Seconds before the currencies are dispensed by the machine, they stop the machine to go offline and withdraw the money. After this exercise, they called the customer care service of the particular bank and claims refunds by complaining that money was debited from their accounts in spite of incomplete transactions. 

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