Mumbai: A 75-year-old American citizen has alleged that her relationship manager at a private bank defrauded her of Rs 2 crore.
About The Case
The complainant, Elisabeth Iler, a retired professor, currently resides in Andheri West with her husband. She said she was duped between 2021 and 2023 under the guise of investments.
Iler’s advocate, Himanshu Martkar, said that the relationship manager promised double returns but failed to return both the principal amount and the gains. He allegedly transferred the amount into his personal account. Though the complaint was filed on March 3, the DN Nagar police are yet to lodge an FIR. Senior police inspector Rajendra Machidar said they contacted the manager, who claimed he had informed Iler about all the investments and relevant documents to the police.
The police will summon both parties next week for a face-to-face interrogation. Investigating officer Bedre said the manager claimed nearly Rs 1.85 crore is still invested in shares, which Iler will receive after a fixed period. As per Iler’s complaint, in February 2021, she was introduced to a new relationship manager at a private bank branch in Juhu, where she and her husband held savings accounts.
He later suggested she invest in stocks recommended by him, presenting several proposals. He initially claimed the investments would be made through the bank and were completely secure. Later, he informed her that he had founded a financial company offering consultancy services. He persistently encouraged her to invest through his company, promising high returns and even claiming that her investment could be doubled.
The manager allegedly accessed her bank account and often contacted her to obtain OTPs for transactions. Iler said she was unfamiliar with the Indian banking system and related mobile applications, which he exploited to siphon funds into his personal accounts.
