MUMBAI: A bank manager was arrested on Wednesday for allegedly cheating an 85-year-old woman of ₹76.5 lakh after luring her into a share investment scheme promising high returns, police said. The accused, Jay Mukesh Mehta, was arrested from Mira Road after being on the run for nearly six months.
Police are now searching for his wife, parents and brother, who are also accused in the case. The complainant, 85-year-old Nasima Sharif Nizam, lives alone in Borivali’s IC Colony following her husband’s death from cancer in 2007. Her son, Aamir, resides in Bandra with his family and visits her periodically.
According to police, Mehta gained Nizam’s trust after meeting her at the bank in 2018. He allegedly encouraged her to invest her savings in shares, later, in 2021, visiting her home and helping her with household bill payments when her son was away in South Africa.
Police said Mehta and his wife, Sunita, visited Nizam at her home in August 2021 and allegedly persuaded her to invest in shares by promising high returns. Between September 2021 and July 2023, she allegedly handed over ₹76.5 lakh to them.
She was expecting about ₹19 lakh in returns between January 2022 and March 2024 but received only ₹5 lakh, police said.
{{/usCountry}}She was expecting about ₹19 lakh in returns between January 2022 and March 2024 but received only ₹5 lakh, police said.
{{/usCountry}}When Nizam questioned Mehta, he allegedly assured her that the entire amount, with interest, would be returned within six months. When the money was not returned, she visited the family’s Mira Road residence with her son. The family allegedly asked her not to approach the police and promised to repay the amount within days.
When Mehta failed to keep the promise, the woman subsequently approached MHB Colony police, who registered a case against Mehta, his wife, father Mukesh, mother and brother for allegedly conspiring to cheat her, misappropriating funds and committing fraud. Police said the family had allegedly fled before the case was registered. Following a search, Mehta was arrested on Wednesday.
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