An assistant manager of ICICI Bank in Bhayander (West) has been arrested for allegedly cheating an NRI of Rs 33 lakh. The victim identified as Ajay Singh (44), a civil contractor based in Dubai, owns a house at the New Raviraj Complex in Bhayander (E).
Ajay met assistant manager of ICICI Bank, Uttam Singh (34), through an agent. The accused convinced him to invest in ICICI Prudential Insurance policies for NRIs. In January 2007, he bought a Rs 21-lakh policy, and was asked to pay Rs 7 lakh each year as premium for three years.
Since Ajay was in Dubai, he issued the first premium by cheque to Uttam. After a few weeks, instead of sending the original policy, Uttam sent photocopies. He then convinced Ajay to buy another set of policies and kept sending him photocopies. “In all, Ajay paid Rs 33 lakh to the accused, all in the name of ICICI Prudential Insurance,” said Assistant Police Inspector Sudhir Kudalkar.
After several reminders when the accused did not send the original policies, the latter lodged a complaint. “When we raided Uttam’s house in Venkateshwar Nagar, we found Rs 7.50 lakh unaccountable cash,” said Kudalkar.
“Ajay issued cheques in the name of ICICI Prudential Insurance but according to the rule, the account or policy number should be mentioned,” he added. “Uttam would deposit the cheques in one Shailendra Singh’s account. He has to pay Rs 35.50 lakh (with interest) for cheating Ajay.” The police are looking for his two accomplices. The bank’s spokesperson could not be reached for comment.