Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

HDFC Bank manager spikes 'magic pen' scam

Feb 18 2013, 22:04 IST
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SummaryUsing a 'magic pen' and lighter, Rahul Jain planned to earn a comfortable living, pay off his debt and even treat his girl friend

Using a 'magic pen' and lighter, Rahul Jain planned to earn a comfortable living, pay off his debt and even treat his girl friend.

Arrested today, this 26-year-old revealed a unique modus operandi, which came to light when an Assistant Manager at HDFC Bank became suspicious of a cheque.

According to police, Jain first saw the magic pen which has erasable ink being sold at Nehru Place market and decided to use it to alter contents of cheques.

During interrogation, the accused said that he used his position as a collector of cheques and cash on behalf of mobile operator Vodafone to gain people's confidence.

Gradually, he started luring them to make payment through cheque, persuading them to use his magic pen.

Thereafter, he would erase the contents and amount of the cheque by using a lighter flame and refilling the contents and amount as per his own whim.

The police got a whiff of his actions when on February 15 Assitant Manager of HDFC Bank, Manu Sharma became suspicious of a bank cheque produced by Jain when he put it in the scanning device and reported the matter to his boss, who called the police.

It was then found that the cheque had been issued for Rs 10 to Airtel and not for Rs 25,000 payable to Self - as was written on it after being tampered by Jain.

This lead to the arrest of the accused, who police believe has duped several people using this method.

The accused, a resident of Adhyapak Nagar, had studied up to class 9 and started working in call centres soon after.

During this time, he became addicted to gambling and had to take a loan of around Rs. 50,000.

The police have recovered the tools used in the crime and further investigation into the matter is on.

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