Patna: A bank manager accused of embezzling Rs 101 crore has been arrested in Patna after evading authorities for four years. The Economic Offences Unit (EOU) detained Mohd Syed Shahnawaz Waji on Tuesday in the Patna City area following specific intelligence inputs.
Mohd Syed, a resident of Bagh Kalu Khan in Patna City, served as Assistant Branch Manager and later Branch Manager at the Pirbahor branch of Awami Cooperative Bank from 1998 to 2013. During his tenure, he allegedly withdrew Rs 16.17 crore by creating fake LIC policies, with assistance from other bank employees and LIC agents. The fraud came to light in 2021, leading to the registration of an FIR at Pirbahor police station.
After the Patna scam, Mohd Syed moved to Hajipur, becoming Branch Manager of Vaishali Sahakari Vikas Cooperative Bank in 2014. There, he allegedly replicated the fraudulent pattern, embezzling Rs 83.50 crore through fake LIC policies until 2023. Three separate FIRs were filed against him at Town Police Station in Hajipur in 2023.
In view of the scale of financial loss and public interest, the EOU took over all cases in 2024, forming a special team to track Mohd Syed and his network. Two of his associates, Shaukat Ali and Rajnikant alias Gopal Prasad, have also been arrested. Shaukat is an employee of Awami Cooperative Bank, while Rajnikant is a former LIC agent. Investigators are examining the role of other possible accomplices.
Mohd Syed now faces a total of four FIRs registered against him across Patna and Hajipur. An ECIR is also registered in the Enforcement Directorate under embezzlement charges. Further investigation is underway to trace the siphoned funds and identify remaining members of the fraud network.
