Navi Mumbai: Women Poses As Bank Official Loots INR 54 Crore From Iron & Steel Market Committee

A lady who is suspected of presenting herself as a senior official of a bank that has been nationalised is facing legal action from the Navi Mumbai police in an astonishing case of financial fraud.

As per an official statement made on Tuesday, May 11, the accused individual is accused of defrauding the Mumbai Metropolitan Region Iron & Steel Market Committee of an astounding amount that surpasses INR 54 crore.

The suspect, posing as a manager from a well-known nationalised bank in Panvel, allegedly approached committee members and office-bearers back in June 2022, according to the complaint submitted by a Kalamboli-based committee official.

She used their trust to her advantage and persuaded them to put committee money into fixed deposits where they would earn high interest rates and substantial returns. According to the police, part of the ruse involved providing a quote backed up by forged paperwork to increase respectability.

Members and office holders of the committee invested a total of INR 54.28 crore in the suggested investment programme, placing their trust in her representation. As stated by the official statement, the accused allegedly provided fake receipts in exchange, deceiving the committee about the authenticity of the transaction.

When the committee tried to get the main amount and interest back when the fixed deposits matured, the suspect allegedly used deceitful methods to avoid having to fulfil their end of the bargain and return the money they had invested. The official revealed that the case intensified after the defendant reportedly sent a fake letter, dated May 24, 2024, apparently obtained from the bank's investment and treasury division, requesting a postponement of payment in order to expedite the recovery process.

The police have therefore filed a lawsuit against the suspect after becoming aware of the serious accusations. The official stated that the case has been registered under relevant provisions of the Indian Penal Code, such as sections 465 (which deals with forgery) and 420 (which deals with cheating). Authorities are currently conducting an investigation into the matter in order to find out the truth about the complex financial swindle.