Mumbai: Woman Poses as Bank Official, Dupes Steel Market Committee of Over Rs 54 Crore

A staggering sum of Rs 54.28 crore was invested by trusting members and office-bearers, believing in the promised returns.
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Representational Image, iStock.

Mumbai Police have taken action against a woman accused of impersonating a manager from a nationalised bank and swindling the Mumbai Metropolitan Region Iron & Steel Market Committee of more than Rs 54 crore. According to a report, the case has been registered following a complaint filed by a representative of the Kalamboli-based committee.
The deceptive scheme unfolded in June 2022, when the woman, masquerading as a bank manager from Panvel, approached members and officials of the committee. Using false pretences, she convinced them to invest the committee's funds into fixed deposits, promising lucrative returns. Under the guise of authenticity, she submitted fabricated quotations and documents.
A staggering sum of Rs 54.28 crore was invested by trusting members and office-bearers, believing in the promised returns. However, it soon became evident that they had fallen victim to a sophisticated scam when the accused failed to honour her commitments. Instead of returning the principal amount and the accrued interest at the maturity of the deposits, she resorted to evasion tactics, leaving the committee in financial distress.
Further complicating matters, the accused furnished a counterfeit letter on May 24, 2024, purportedly issued by the bank's treasury and investment department. This fraudulent document sought to buy more time for the return of the misappropriated funds and interest.
The gravity of the situation prompted the police to take swift action. On Monday, a case was formally registered under sections 420 (cheating), 465 (forgery), and other pertinent provisions of the Indian Penal Code. Investigations into the matter are currently underway to bring the perpetrator to justice and recover the embezzled funds.
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