Mumbai, Oct 8 (PTI) A bank manager was arrested for allegedly cheating an 85-year-old woman of Rs 76.50 lakh on the pretext of investing in shares, a police official said on Thursday.
Jay Mukesh Mehta was held after being on the run for six months, while his wife Sunita Mehta, father Mukesh Mehta, mother and brother are still absconding, the MHB police station official said.
“The 85-year-old complainant resides in IC Colony in Borivali. Her husband died of cancer in 2007. In 2018, the woman had visited her bank after receiving a call regarding pending KYC formalities. During the visit, she came in contact with Mehta, who was working as the bank manager,” the official said.
Mehta told her that his wife was also a manager at another bank and claimed the couple had expertise in the stock market, the official said.
“He further claimed they had helped several people invest in shares and earn good returns. In November 2018, when the woman visited the bank to transfer money to her son, Mehta assisted her with the transaction and again advised her to invest in shares. She initially ignored his suggestion,” the official said.
In August 2021, Mehta visited her residence along with his wife Sunita and again persuaded her to invest in the stock market, promising her attractive returns after telling her share prices were expected to fall due to the COVID-19 situation, the official said.
“Between September 2021 and July 2023, she transferred Rs 76.50 lakh for investment in shares. As per the complaint, she was supposed to receive Rs 19 lakh in returns between January 2022 and March 2024, but Mehta paid her only Rs 5 lakh and retained Rs 14 lakh. Mehta promised to return the entire money in six months but did not do so,” he said.
The Mehta family subsequently vacated their Mira Road residence and went missing, after which it was found that they had duped others as well with this modus operandi, the MHB police station official said.
“It was found that the Rs 76.50 lakh taken from the elderly woman in the name of share investments was actually transferred to the bank accounts of the accused. Mehta, his wife, father, mother and brother were then booked for conspiring to misappropriate money and cheating the woman,” he said.
Jay Mehta was arrested on Monday and has been remanded in police custody, while efforts are on to nab the other four, the official said. PTI ZA BNM
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