Bombay High Court Issues Notices to HDFC Bank, RBI Over Rs 3 Crore Fraud
The Bombay High Court has issued notices to HDFC Bank and the Reserve Bank of India (RBI) following allegations of a Rs 3 crore fraud involving a bank employee, who has been arrested for misusing a customer’s fixed deposits.
Details of the Fraud
The case was filed by 53-year-old Meenakshi Kapuria, who accused her relationship manager, 27-year-old Payal Kothari, of illegally withdrawing funds from her fixed deposits. Kapuria alleged that Kothari transferred the money to fake accounts before diverting it to her own. She also noted that she didn’t receive SMS or email alerts about these transactions.
How It Happened
Kapuria’s lawyer, Rizwan Siddiquee, explained that Kothari gained Kapuria’s trust and convinced her to sign blank cheques under the pretense of investing in mutual funds, gold bonds, and other high-return options. Instead of investing, Kothari misused the funds. The court questioned how Kothari was able to change Kapuria’s registered mobile number in the bank’s system without being detected, allowing the fraud to go unnoticed.
Police Action and Court’s Concerns
After Kothari was arrested, the court questioned the Deputy Commissioner of Police (DCP), Dikshit Gedam, about delays in arrests and why some cases are pushed towards out-of-court settlements. The DCP revealed that more arrests are expected and that a senior officer has taken over the investigation. A separate inquiry has been launched into the officer handling the case for alleged negligence.
Court Demands Accountability
Justice Mohite-Dere expressed concerns about increasing complaints against police officers and procedural failures in handling fraud cases. The court stressed the seriousness of altering customer information in the bank’s system and demanded answers about how this was allowed to happen.
Next Steps
The court has scheduled another hearing on December 13 to review Kapuria’s account balance before and after the FIR was filed on October 30. This will help determine if more funds were misappropriated after the complaint was lodged.
Key Issues Highlighted
This case sheds light on the need for stricter banking security measures and faster, more effective responses to financial fraud by law enforcement. It also underscores the importance of accountability in both the banking and policing systems.
