Notice to bank after employee held for ₹3cr fixed deposit theft

Notice to bank after employee held for ₹3cr fixed deposit theft

Is There No Accountability Of Any Bank When Money Siphoned Off: HC

Rosy.Sequeira@timesofindia.com 04.12.2024

Mumbai : Bombay high court on Tuesday issued a notice to HDFC Bank and banking regulator Reserve Bank of India (RBI) after it was informed that police had arrested an employee of the bank who allegedly siphoned off ₹3 crore from a customer’s fixed deposits. “Ultimately, people trust a particular bank ... A relationship manager takes a person for a ride. What faith now will people... a person have in the banking system?” asked Justices Revati Mohite-Dere and Prithviraj Chavan. 

The petition by Meenakshi Kapuria, 53, stated that her relationship manager, Payal Kothari, 27, broke her ₹3 crore worth of FDs and transferred the amount to fictitious accounts and from there into her own accounts. She received no SMS or email alerts. On Mon day, her advocate Rizwan Siddiquee said Kothari gained Kapuria’s trust and took blank signed cheques from her, assuring the money would be transferred to mutual funds, gold bonds, new fund offers, among others, earning her more than FDs. He said Versova police are putting pressure on Kapuria to settle the matter with Kothari. Prosecutor Kranti Hiwrale said police froze Kothari’s bank accounts, which had ₹30,000 in all.

The judges directed zonal DCP Dikshit Gedam to remain present. On Tuesday, Hiwrale said Kothari was arrested “this morning”. “Why does an arrest have to be made only when a complainant comes to the court? And you’re (police) asking parties to settle the matter?” asked Justice Mohite-Dere. Gedam said one more person could be arrested immediately. He said the investigation is transferred from PI Amol Dhole to senior PI Gajanan Pawar. Asked about action against Dhole, Gedam said a departmental enquiry will be initiated against him for  dereliction of duty. 

The judges questioned why Kapuria didn’t receive alerts. Gedam said Kothari changed her mobile number and email address in the bank’s records, “and that is why when the transaction was happening, the victim was not getting any kind of alerts”. The judges said, “This is extremely serious.” They enquired if the police did an investigation with the bank. Justice Mohite-Dere asked, “Is there no accountability of any bank when money is siphoned off under their nose?” Considering the manner in which the petitioner was cheated,” the judges directed HDFC Bank’s senior manager of Lokhandwala branch or regional manager in charge of Mumbai to be impleaded as well as RBI. Posting the next matter on Dec 13, the judges said they also want to also know the amount in Kapuria’s account before and after the Oct 30 FIR was lodged.