Staff Reporter

NEW DELHI: A young graduate and his accomplice have been arrested by the Crime Branch of the Delhi police for allegedly running a fake credit card racket and cheating several multi-national banks and insurance companies of over Rs.10 lakh in the past three months.

The accused -- Saurabh Dwivedi and Manoj Gupta -- would allegedly procure credit cards against forged documents and replace the magnetic data of the cards with those of credit cards in the United States.

The magnetic data of the foreign credit cards was allegedly provided to them by Mohammed Hassan in Malaysia who befriended the duo during a chat on the Internet. The police claimed to have found data details of over a thousand international credit cards in the e-mail accounts of the accused.

Mohammad Hassan also helped the accused obtain a machine to read and rewrite the magnetic data and was offered a 40 per cent share in the booty through money transfers.

One Anand Mishra, who was arrested by the Mumbai police on similar charges, also helped the accused, the police said.


Saurabh and Manoj would swipe the tampered credit card for its full credit limit and take away the cash in connivance with the one managing the swipe machine. Though the magnetic data information of the credit card was tampered with, the name of the credit card holder remained Indian to avoid suspicion by the shopkeeper.

When the credit card owner in the US received an outstanding bill during the next billing cycle, he would refuse to pay the amount contending that he had never visited India. The loss was then borne by the bank or insurance company concerned and no one pursued the matter any further.

The two were arrested on Thursday evening following a complaint by ICICI Bank to the Crime Branch.