Fraudulent Bank Manager Promises High Returns, Invests in Online Games Instead; Court Sends Bank Manager on Remand

Shimla – In a shocking revelation, a relationship manager from a private bank in Shimla has been arrested for embezzling Rs 3.80 crore from 68 account holders to fund his addiction to an online game. The court has remanded the accused, Arvind (32), a resident of Parwanoo.

Arvind, who worked at the Kasumpti branch of the private bank, had lured account holders into investing their money in mutual funds, promising returns three times their investment. Instead of investing the money as promised, he diverted it to finance his online gaming activities. The fraud came to light when the account holders failed to receive the promised returns and grew suspicious of Arvind’s repeated assurances. Subsequently, they lodged complaints with the bank’s senior officials.

The case dates back to 2022, but the full extent of the fraud was only uncovered after a thorough investigation. The first FIR was registered on January 12, 2023, and Arvind was arrested on Thursday evening. The former bank manager, Sumit Dogra, filed a formal complaint at the Chhota Shimla police station, leading to Arvind’s arrest.

According to police reports, Arvind, who began working as a relationship manager in 2016, was responsible for building customer relations and advising clients on suitable products and services. Over time, he convinced several account holders to invest large sums of money, ranging from Rs 1 lakh to Rs 40 lakhs, by issuing fake bonds to gain their trust.

During police interrogation, Arvind admitted to funnelling the funds into an online game app. He had been engaging in this activity for several years, deceiving clients under the pretence of mutual fund investments. The police are currently taking statements from about 70 account holders and bank officers as part of their investigation.

This incident has raised significant concerns about the oversight mechanisms within financial institutions and the vulnerability of account holders to such fraudulent activities. The investigation is ongoing, and more details are expected to emerge as the police delve deeper into the case.

The arrest and remand of Arvind have highlighted the need for stricter regulations and more robust internal checks within the banking sector to prevent such fraudulent activities and protect customers’ hard-earned money.