Bombay High Court Issues Notice to HDFC Bank, RBI Over Alleged Rs 3 Crore Fraud by Bank Employee
Bombay High Court Issues Notice to HDFC Bank, RBI Over Alleged Rs 3 Crore Fraud by Bank Employee
The Bombay High Court on Tuesday issued notices to HDFC Bank and the Reserve Bank of India (RBI) following allegations of a massive fraud in which a bank employee was arrested for misappropriating Rs 3 crore from a customer’s fixed deposits.
Details of the Alleged Fraud
The complaint was filed by Meenakshi Kapuria, 53, who accused her relationship manager, Payal Kothari, 27, of unlawfully liquidating her fixed deposits and transferring the funds into fake accounts before diverting them to her own. Kapuria stated that she did not receive any SMS or email alerts during these transactions.
How the Fraud Unfolded
According to Kapuria’s attorney, Rizwan Siddiquee, Kothari built trust with her client and secured signed blank cheques under the pretense of investing the funds in mutual funds, gold bonds, and other high-return instruments. Instead, the funds were misappropriated.
The court raised concerns about the procedural lapses that allowed the fraud to occur, questioning how Kothari managed to change Kapuria’s registered mobile number in the bank’s system without detection.
Judicial Intervention and Police Inquiry
After Kothari’s arrest, the court summoned Deputy Commissioner of Police (Zone 8), Dikshit Gedam, questioning why arrests are delayed until individuals appear in court and why some cases are encouraged to be resolved outside of the legal framework.
The DCP informed the court that further arrests are likely and that a senior officer would take over the investigation. Additionally, a departmental inquiry into the officer-in-charge of the case has been initiated for alleged negligence.
Court’s Directives and Concerns
Justice Mohite-Dere, addressing the DCP, highlighted a growing trend of complaints against police officers and the systemic issues surrounding such cases. The court emphasized the seriousness of the matter, particularly the alteration of customer details within the bank’s system, and demanded accountability.
The High Court has scheduled a follow-up hearing for December 13, where it plans to examine Kapuria’s account balance before and after the FIR was registered on October 30. This is aimed at determining whether further misappropriation occurred post-FIR.
Key Takeaways
This case has drawn attention to both banking security protocols and law enforcement responses to financial fraud, highlighting the need for stricter safeguards and prompt action in such matters.
