A Ludhiana-based exporter has accused two private bank officials of cheating, criminal breach of trust and unauthorised foreign exchange trading that allegedly caused losses of nearly ₹96.7 lakh. After investigation, the Division Number 7 police registered an FIR against the bank employees.
The case has been registered on the complaint of Varun Kumar Arora, a resident of Sector 32-A, Chandigarh Road, Ludhiana, who manages the export business of M/s Guru Kirpa Udyog, a firm owned by his mother. The company exports channel nuts, steel brackets and fasteners to countries including the United Kingdom, France, Germany and the UAE.
The accused have been identified as Kamal Kishore and Himanshu Jain, managers market groups, treasury of the private bank.
The accused have been booked under sections 316(2) (criminal breach of trust), 318 (4) (cheating and dishonestly inducing someone to deliver property) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS).
According to the FIR, the accused, who were handling treasury-related operations at the bank’s Sector 32-A branch, allegedly approached the exporter in 2025 and persuaded him to participate in foreign currency derivative contracts. They reportedly assured him that the products were completely safe, promised attractive profits and allegedly offered to personally manage the trades.
The complainant alleged that the accused claimed they possessed extensive expertise in foreign exchange trading and assured him that there was virtually no risk of loss. He further alleged that they demanded a 30% share in the profits generated through the transactions.
According to the complaint, a WhatsApp group was created where details of trades and profits were allegedly shared. The exporter claimed that the accused repeatedly informed him of profits earned through various forex transactions and sought their share of the earnings, which were allegedly paid in cash and through digital transfers.
The complainant alleged that the accused entered into foreign currency transactions involving currencies such as Swiss Francs, Australian Dollars and Yen, despite his business having no exposure to those currencies. He claimed the transactions were conducted without his authorisation and without any underlying export documents or business requirements.
The dispute escalated when substantial amounts were allegedly debited from the firm’s bank account as losses arising from the derivative contracts. According to the complaint, a total of ₹96.7 lakh was recovered from the account over a period of time.
The complainant alleged that the transactions were unauthorised and that the bank officials misused his account and credit facilities. He claimed that when he demanded a refund of the debited amount, the accused refused and started threatening him.
The complainant filed a complaint on May 23. Pawan Kumar, the investigating officer, stated that the case has been lodged following an investigation. No arrests have been made so far.
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