Bank manager held for duping over 30 under pretext of mutual funds investment

“In October 2023, I visited the Byculla branch of the bank for routine transactions when Hashmi approached me. He asked about my investments, reviewed my bank account, and accessed the app on my phone,”  he said.

According to the complainant,  Hashmi persuaded him to liquidate his fixed deposits and other investments by promising superior returns.

“He assured me and other victims that he would invest our money in various mutual fund schemes. We were instructed to enter our PIN numbers and transfer the funds to his and his wife’s bank accounts,” Chaudhary alleged.

The accused also allegedly secured loans from different financial institutions using the investors’ details.

“We continue to receive calls from these institutions demanding loan repayments. Hashmi had downloaded loan apps on my phone and applied for loans without my knowledge,” Chaudhary added.

To build trust, Hashmi reportedly showed fake transaction records to convince victims that their investments were yielding higher returns than other schemes.

The scam was uncovered when Chaudhary requested the return of his money in mid-May. “I needed the funds for a family visit, so I asked Hashmi to return my money. He assured me it would be credited to my account, but it never was. Hashmi also stopped coming to work,” Chaudhary said.

Chaudhary, along with other victims, reported the fraud to the bank, which confirmed the fraudulent transactions. A formal complaint was lodged at the Nagpada police station in late May, leading to the registration of a case for criminal breach of trust and cheating on August 8.

An investigating officer stated, “We located Hashmi in Uttar Pradesh and arrested him last week. Over 30 victims have been defrauded of more than ?1 crore. We are investigating whether the stolen funds were invested or misappropriated.”