Mumbai: Senior citizen duped of ₹80 lakh by 2 private bank employees in Khar

The Khar police have filed a FIR against two employees of a private bank for stealing ₹80 lakh from a senior citizen, reports from Times of India stated.

The victim stays with his wife and the family also has a full-time house help.

According to the complaint, the manager of the bank told the man and his wife about the insurance policy in June 2021.

The policy was for seven years, and the couple was promised tax-free interest of ₹8 lakh per year. They would, however, be required to invest ₹40 lakh each.

Bank manager provides false assurance

The senior citizen stated that the investment was not feasible, however the manager assured him that the payment would be adjusted through fixed deposits held with the bank.

In February 2023, the senior citizen was advised by a friend to carefully review the policy details. He was surprised to discover that the policy documents did not include his or his wife's contact information and incorrectly stated the couple's annual income as ₹72 lakh.

Furthermore, his housekeeper was incorrectly identified as his niece and her daughter as his grandchild, and they would be obligated to pay insurance premiums following the couple's deaths.

The victim was concerned as his housekeeper and her daughter did not make much money and would be unable to pay the premium, the policy would benefit no one, and was created with the intent of defrauding the victim.

The senior citizen approached the police and an FIR was registered on April 7.