He, however, added that the three arrested were not masterminds behind the crime.
"The money was routed to accounts of two people in Delhi and Bihar. These persons were lured by offering them a cut of the amount which was sent to their account, Pankaj Jain and Manas are the two masterminds who carried out the planning behind the job," Kumar said.
Talking about the two masterminds, he added, "They used to give fake identities and even their sim cards were issued on the same. We have begun looking for them, once the duo is nabbed we will be able to assess the full expanse of the crime."
The official also added that the police team has begun a separate investigation to find out if any bank employee was involved with the fraudsters.
"As cheques were cloned to carry out this fraud, we have also started to investigate the link of the fraudsters with the bank officials," Kumar said.