LUCKNOW, Feb. 5 -- The Economic Offences Wing (EOW) of the Uttar Pradesh Police on Wednesday arrested four people in connection with a Rs.1.42-crore banking fraud involving the premature encashment of fixed deposits at the Bank of India's Maharajpur branch in Kanpur City, officials said.

The arrests were made from the Maharajpur area of Kanpur around 2.30 pm, they added.

The case dates back to 2020 and relates to fraudulent transactions involving 25 fixed deposits and 15 savings accounts of customers, through which Rs.1,42,71,000 was allegedly siphoned off. Acting in alleged collusion with bank staff and other associates, the accused prematurely broke several fixed deposits and transferred the funds into their personal accounts, officia...