Navi Mumbai Police Take Action Against Woman Accused of Impersonating Bank Manager in Rs 54 Crore Fraud

Navi Mumbai, 11th June 2024: In a shocking instance of financial deceit, the Navi Mumbai police have taken legal action against a woman accused of impersonating a high-ranking representative of a nationalized bank.

According to an official statement released on Tuesday, the alleged perpetrator has been accused of defrauding the Mumbai Metropolitan Region Iron & Steel Market Committee of a staggering sum exceeding Rs 54 crore.

The complaint, lodged by a committee official based in Kalamboli, details how the suspect, posing as a manager from a prominent nationalized bank in Panvel, approached members and office-bearers of the committee in June 2022.

Exploiting their trust, she persuaded them to invest the committee’s funds into fixed deposits, promising handsome returns at an elevated interest rate. To bolster her credibility, she submitted a quotation supported by falsified documents, as per the official’s account.

Trusting her representation, members and office-bearers of the committee invested a substantial sum of Rs 54.28 crore into the proposed scheme. In return, the accused allegedly issued counterfeit receipts, misleading the committee about the legitimacy of the transaction.

Upon maturity of the fixed deposits, when the committee sought reimbursement of the principal amount along with accrued interest, the suspect reportedly evaded the issue, failing to honor the agreement and refund the invested sum. The situation worsened when she allegedly provided a fabricated letter, dated May 24, 2024, purportedly from the bank’s treasury and investment department, seeking an extension of time for the repayment process.

In response, the police have initiated legal proceedings against the suspect, registering a case under relevant sections of the Indian Penal Code, including sections 420 (cheating) and 465 (forgery), among others. Investigations are ongoing as authorities diligently work to uncover the truth behind the elaborate financial scam.