Bank Manager Defrauded Rs 3.8 crore from customers and invested in online games
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In 2022, a relationship manager at a private bank in the Shimla, defrauded 68 account holders of a total of Rs 3.80 crore. The manager convinced the account holders to invest their money in mutual funds, promising them three times the return. However, when the account holders did not receive the expected returns, they realized they had been cheated. They reported the fraud to a senior officer at the bank, leading to an investigation that revealed a fraud of crores of rupees. The first FIR was registered on January 12, 2023, and the arrest was made on a Thursday evening.
The accused, Arvind, who is 32 years old and the son of Ram Singh, resides in House No. 8, Block No. 2, Sector-1 Parmanu. Arvind, who worked as a relationship manager at the Kasumpti branch of the private bank, deceived the account holders by claiming he would invest their money in mutual funds. Instead, he used the funds for online games. The account holders became aware of the fraud when they did not receive the promised returns and confronted Arvind. Feeling cheated, they reported the matter to the senior officer of the bank, leading to the complaint and subsequent investigation.
The police arrested Arvind on Thursday evening and are currently taking statements from bank officials and the approximately 70 account holders involved in the case. The police are conducting a thorough investigation into all aspects of the case.
Relationship Manager Role in a Private Bank
A relationship manager in a private bank is responsible for building customer relationships and providing advice on products and services based on customer needs. They play a crucial role in maintaining a strong relationship between the bank and its customers. Relationship managers often work with high net-worth individuals (HNIs) and provide investment advice to customers.
Mutual Funds and Investment
Mutual funds are professionally managed investment vehicles that pool money from multiple investors to invest in a diversified portfolio of securities such as stocks, bonds, or other assets. The goal of mutual funds is to generate returns for investors based on the performance of the underlying investments. Investors in mutual funds can benefit from professional management, diversification, and liquidity.
You should mention the name of the bank in the news as well. Practicing impartial journalism will decrease the value of your content. What benefit do readers get from incomplete news? Readers should know which bank’s processes have flaws. Without process flaws, fraud is not possible. If you are providing information on your website, you should give complete information and not hide important factors.
The name of Bank to be exposed
It is Really Pathetic situation of Customers who envisage their confidence in Bank Officials.But thorough check and control system has to be evolved by Private Banks to averse such Frauds.