NEW DELHI: In a startling case of financial fraud, the Navi Mumbai police have initiated legal action against a woman accused of masquerading as a high-ranking representative of a nationalized bank.
The alleged perpetrator purportedly defrauded the Mumbai Metropolitan Region Iron & Steel Market Committee of a staggering sum exceeding Rs 54 crore, according to an official statement released on Tuesday.
According to the complaint filed by a committee official based in Kalamboli, the suspect, presenting herself as a manager from a prominent nationalized bank in Panvel, approached members and office-bearers of the committee back in June 2022.
Exploiting their trust, she enticed them into investing the committee’s funds into fixed deposits, assuring lucrative returns at an elevated interest rate. Her ploy included submitting a quotation supported by falsified documents to bolster credibility, as detailed by the official.
Trusting her representation, members and office-bearers of the committee plunged a substantial sum of Rs 54.28 crore into the proposed investment scheme. In return, the accused purportedly issued counterfeit receipts, misleading the committee regarding the legitimacy of the transaction, as outlined by the official statement.
Upon maturity of the fixed deposits, when the committee sought reimbursement of the principal amount along with accrued interest, the suspect reportedly resorted to evasive tactics, failing to honor the agreement and refund the invested sum. The situation escalated when the accused purportedly furnished a fabricated letter, dated May 24, 2024, allegedly sourced from the bank’s treasury and investment department, seeking an extension of time to facilitate the repayment process, the official disclosed.
Consequently, the police, taking cognizance of the grievous allegations, have initiated legal proceedings against the suspect. The case has been registered under pertinent sections of the Indian Penal Code, including sections 420 (pertaining to cheating) and 465 (concerning forgery), among others, confirmed the official. Investigations into the matter are currently ongoing, as authorities diligently work to uncover the truth behind the elaborate financial scam.
The alleged perpetrator purportedly defrauded the Mumbai Metropolitan Region Iron & Steel Market Committee of a staggering sum exceeding Rs 54 crore, according to an official statement released on Tuesday.
According to the complaint filed by a committee official based in Kalamboli, the suspect, presenting herself as a manager from a prominent nationalized bank in Panvel, approached members and office-bearers of the committee back in June 2022.
Exploiting their trust, she enticed them into investing the committee’s funds into fixed deposits, assuring lucrative returns at an elevated interest rate. Her ploy included submitting a quotation supported by falsified documents to bolster credibility, as detailed by the official.
Trusting her representation, members and office-bearers of the committee plunged a substantial sum of Rs 54.28 crore into the proposed investment scheme. In return, the accused purportedly issued counterfeit receipts, misleading the committee regarding the legitimacy of the transaction, as outlined by the official statement.
Upon maturity of the fixed deposits, when the committee sought reimbursement of the principal amount along with accrued interest, the suspect reportedly resorted to evasive tactics, failing to honor the agreement and refund the invested sum. The situation escalated when the accused purportedly furnished a fabricated letter, dated May 24, 2024, allegedly sourced from the bank’s treasury and investment department, seeking an extension of time to facilitate the repayment process, the official disclosed.
Consequently, the police, taking cognizance of the grievous allegations, have initiated legal proceedings against the suspect. The case has been registered under pertinent sections of the Indian Penal Code, including sections 420 (pertaining to cheating) and 465 (concerning forgery), among others, confirmed the official. Investigations into the matter are currently ongoing, as authorities diligently work to uncover the truth behind the elaborate financial scam.
