Credit card frauds land behind bars

Duo cheats several banks of crores of rupees

Jaikumar alias Shyamvel (33) from Kengeri Main Road and Wasim alias Wasim Pasha (25) from Mysore Road allegedly cheated several bank customers to the tune of several crores of rupees, police said.

The racketeers, both natives of Tirunelveli in Tamil Nadu, were misusing credit cards for the past six months. Police recovered expensive electronic goods, 5.5 kg gold ornaments, and electronic machines used in the crime — all valued at more than Rs two crore. Six other accomplices are at large.

Modus operandi
Jaikumar and Wasim were a part of one of the biggest hi-tech rackets in Chennai. They acted at the behest of their bosses and cheated rich people in different parts of the country.

Police said they also recovered a punching machine, reader, a lamination machine, gold and silver foils, bank logos, laptops, used credit cards, readymade credit cards and other electronic articles that were used to prepare fake cards.

The kingpin of the racket provided them with blank credit cards of banks, especially of the multinational banks, and the 16-digit number of genuine customers. Jaikumar and Wasim pasted photographs of different persons on the blank cards, the 16-digit number and security data with a fake address.

Card misuse
Once the cards got activated, Jaikumar and Wasim would shop at different business outlets for expensive goods using the cards, and make themselves scarce. However, they were able to use only 50 per cent of the fake cards, police said.

They bought valuables from several malls and reputed jewellery showrooms and had pledged 5.5 kg gold ornaments with Muthoot Fin Corp and Muthoot Finance. They also purchased high-end televisions, cameras, expensive watches, gym equipment, imported perfumes, deodorants, wheat, rice, ghee and imported liquor using fake cards, police said.

How they were arrested
Recently, Jaikumar and Wasim bought some goods at a business outlet in Bangalore and gave their credit card for swiping, but the machine rejected it.

The card was swiped again and the machine showed: ‘Pick Up’. (If a card is misused after a complaint is lodged with a bank and the police, and if it is used elsewhere, then the machines show ‘Pick Up’ to help arrest the suspect).

The duo immediately took to their heels. But the outlet owner informed the police who arrested them within hours. Jaikumar was allegedly involved in similar offences in Bangalore and Chennai. He was sent to the Central Prisons, Parappana Agrahara, but he obtained bail and took to crime again.