Bank official held for embezzling ₹3.8 crore to fund online gaming addiction

Private bank relationship manager diverted funds meant for mutual fund investments to finance online gaming app

A relationship manager with a private bank in Shimla has been arrested for embezzling ₹3.8 crore from 68 accounts to fund his online gaming addiction, police said on Saturday.

A relationship manager with a private bank in Shimla has been arrested for embezzling ₹3.8 crore from 68 accounts to fund his online gaming addiction. (Representational photo)

Arvind Kumar, 32, a resident of Parwanoo, was arrested late on Thursday after an investigation revealed he had diverted funds meant for mutual fund investments to an online game app.

According to the police, Arvind had convinced account holders to invest money, ranging from ₹1 lakh to ₹40 lakh, by issuing fake bonds and promising returns three times their investment. Instead, he used the funds to finance his online gaming activities.

The fraud came to light when account holders failed to receive the promised returns and complained to senior bank officials.

The case dates back to 2022, but the full extent of the fraud was uncovered after a thorough investigation.

The police are recording the statements of nearly 70 account holders affected besides the bank officials.