A gang of inter-state cheque duplicators has been busted with the arrest of five persons including nationalised bank employee, Delhi Police said on Tuesday, adding accounts in 17 banks across the country have been compromised.

Following a complaint of fraudulent withdrawal of Rs 95 lakh from a bank account, police launched a manhunt for the gang and arrested five people including Gaurav Kumar Goel - said to be the mastermind - from various parts of the national capital region over the week.
"We have recovered a huge number of duplicate cheques of various public as well as private sector banks. Apart from cheques, sophisticated fonts and restricted ink used to re-print MICR and IFSC codes have also been recovered," said Additional Deputy Commissioner of Police Chinmoy Biswal.
He also said that the gang operated with the connivance of bank employees and over 30 bank accounts belonging to 17 public and private sector banks across the country have been compromised.
"The compromised bank accounts are especially in Delhi, Mumbai, Dibrugarh, Chandigarh, Coimbatore. The members' arrest represent only the tip of the iceberg which has affected a large number of bank accounts. The true magnitude of it is yet to be assessed.

"It is suspected that insiders as well as third party vendors of the compromised banks are involved in this massive conspiracy," said Biswal.
Using information of high value bank accounts and their holders obtained from the databases of the banks, the gang used sophisticated machinery to forge cheques and encashed them.
"Investigation regarding the other compromised bank accounts is also being taken up to unearth the larger conspiracy. Further arrests and recoveries are expected," added the officer.