Bank manager who duped Bali woman of ₹16 crore arrested

The woman had alleged that the manager along with other bank officials had siphoned off her money and diverted the funds into different accounts without her permission

Days after a 49-year-old woman from Bali accused a private bank of siphoning off more than ₹16 crore from her savings accounts, the Delhi Police said they had arrested the manager of the bank’s Gurugram branch.

Delhi Police arrested the manager of the bank’s Gurugram branch. (Representational Image)

The woman, who has been living in Bali with her husband for years, had alleged that the manager along with other bank officials had siphoned off her money and diverted the funds into different accounts without her permission. She and her husband had put all their savings into two accounts of the bank.

On the basis of her complaint, an FIR was lodged on February 26. They police investigated the case and found the accused, Varun Vashisht, had “induced” the woman to make huge investments in fixed deposits. DCP (economics offences wing) Vikram K Porwal said, “Vashisht misappropriated the funds using his power as a branch manager.”

“He illegally transferred the money into different accounts using forged instruments and also by misusing her debit card details. We found he was working in connivance with other bank officials. From the period 2019-23, the victim had put more than ₹13 crore in the two accounts. A majority of the funds were in the FDs,” added DCP Porwal.

Investigation also revealed that a major part of the offence was committed at the Vikaspuri branch of the bank.

“He created 12 fake fixed deposit accounts in her name through forgery and misappropriated her money with the help of his accomplice,” said a police officer.

Vashist, a resident of Dwarka, was arrested in March and has been in police custody since. Investigators said they have records from the bank which show the funds were “diverted” to more than 40 beneficiaries.

According to the police, the role of other employees at the bank is also being checked. Vashist is a Delhi University graduate who later pursued his MBA degree from the Indian Institute of Foreign Trade, Qutub Institutional Area, Delhi with specialisation in International Trade and Finance in session 2012.

DCP Porwal said he had worked with multiple renowned banks as manager and branch manager. The bank has removed him from his job.

The police seized his Hyundai Verna car, 40 bank accounts, 10 bank credit and debit cards, 12 forged documents and a laptop.

Another officer said Vashist took advantage that the woman and her husband were abroad and didn’t check their accounts very often. “He convinced the couple to invest in FDs but didn’t open all the FDs. Instead, he gave her some forged documents. He kept the complainant in the dark and started misappropriation of the invested amounts through forgery. In January this year, the woman found she had only ₹50 lakh left in her account,” the officer said.