According to Senior Superintendent of Police Pradip Yadav, a person in Palwal submitted two cheques of Rs 30 lakh each at a SBI branch to withdraw the money from the account of Hemraj's wife Dharmvati.
The person tried to withdraw the amount using a forged chequebook, similar to the one provided to Dharmvati by the SBI branch here, she said in a complaint.
The manager of SBI Palwal branch contacted his counterpart of Chata branch here, where the slain soldier's wife is maintaining an account.
Sensing a fraud, Chata branch manager informed the police.
A probe into the matter has begun and details of the person's account has been sought, the police officer said.
Hemraj was killed and beheaded by Pakistani troops near the Line of Control in Poonch sector of Jammu and Kashmir on January 8.
The killing followed a nation-wide uproar leading to which ties between India and Pakistan, which were already strained after the 26/11 Mumbai attack, hit a new low.
The UP government and the Centre had given relief packages to Hemraj's family.