The Bangur Nagar police said they have arrested a 22-year-old man who allegedly opened fake bank accounts for fraudsters to deposit their money, and got commission in return. His racket was unearthed when a not-for-profit government organisation fined a bank. The National Payments Corporation of India (NPCI) imposed a fine of Rs 10.96 lakh on the Malad branch of its member Equitas Small Finance Bank for allowing UPI transactions of crores of rupees without verifications, said a cop.

According to sources, thousands of transactions were made to two current accounts at the branch within three months. The NPCI penalised the bank after receiving constant complaints about UPI transactions in the accounts of two travel agencies—Sky Bright Travels and Life and Travel. The accounts were immediately frozen.