Addicted to online gaming, Shimla bank manager cheats customers of Rs 3.80 crore, sells fake bonds
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In a case of bank fraud fuelled by online game addiction, a relationship manager from a private bank in Himachal Pradesh capital Shimla has been accused of cheating 68 account holders of Rs 3.8 crore.
The manager, Arvind (32), son of Ram Singh, allegedly deceived customers by promising triple returns on investments supposedly made in mutual funds, but instead, funneled the money into an online game.
The fraud came to light when account holders, expecting significant returns, started questioning the manager about the delays. Despite repeated assurances from Arvind, the lack of returns led the victims to feel cheated, prompting them to report the issue to senior bank officials. The subsequent investigation revealed the extent of the fraud.
The fraudulent activity, which occurred in 2022, involved a consumer branch of the private bank. An initial FIR was registered on January 12, 2023, and Arvind was arrested two days ago.
The accused had convinced account holders to invest their money in what they believed were mutual funds, promising them triple returns. Trusting his position as a bank manager, the victims handed over their hard-earned money. He, however, diverted these funds into an online game.
The deception came to light only when the expected returns did not materialise. Frustrated account holders who continuously sought updates from Arvind eventually reported their suspicions to the bank’s senior officers.
The police investigation has uncovered that Arvind had been working as a relationship manager at the bank’s Kasumpti branch since 2016. His role was to foster customer relationships and advise them on suitable financial products and services.
During the inquiry, it was revealed that Arvind had been addicted to an online game app for several years, diverting the investments he received into this game.
To gain the trust of account holders, Arvind provided them with fake bonds, further solidifying his deceptive scheme. The amounts swindled from the victims ranged from Rs 1 lakh to Rs 40 lakh.
