FIR against wealth manager of pvt bank for cheating pharma co head

The victim, a resident of JVPD, retired in October 2024. “While he was working in the MNC at Lower Parel, his salary was credited to his account in a private bank,” said a police officer. “The bank appointed Jay Mehta as his wealth manager

MUMBAI: Based on the complaint of a former president of a Mumbai-based pharmaceutical MNC, the Juhu police have registered a case against his wealth manager, who was assigned to him by a leading private bank. According to the complainant, the manager took money from him, promising him 12% returns and even gave him four blank cheques, but eventually cheated him of ₹75 lakh.

FIR against wealth manager of pvt bank for cheating pharma co head

The victim, a resident of JVPD, retired in October 2024. “While he was working in the MNC at Lower Parel, his salary was credited to his account in a private bank,” said a police officer. “The bank appointed Jay Mehta as his wealth manager.”

Over time, Mehta gained the confidence of the complainant, as he was operating both his and his wife’s bank accounts as well as solving any problems related to banking and investments. “He used to even visit them at their home and at the man’s office,” said the police officer.

According to the police, Mehta, from 2023 onwards, began advising the complainant to invest in the stock market, claiming that his team specialised in this, and promised him 12% returns. “He told the complainant that fixed deposits (FDs) yielded a mere 6% returns, and thus it would be more profitable to invest in stocks,” said the police officer. “In August 2023, he took ₹30 lakh from the complainant and the very next month, paid him ₹1,40,000 as interest.”

Impressed by Mehta’s performance, the complainant then withdrew more money from his FDs and gave it to him. “Mehta, to gain his confidence, even gave four blank cheques to the complainant, saying that if he did not get the promised returns, he could deposit the cheques and withdraw the money,” said the police officer.

“Then, from October 2023 to January 2024, Mehta didn’t pay any interest,” said the police officer. “When the complainant questioned him, he replied that due to the market crash, he was unable to pay the interest. He even gave the complainant an affidavit in May 2024 that he would pay the money with interest. At that point, however, he asked the complainant not to deposit the four cheques in the bank as he had insufficient balance.”

The complainant kept following up the issue but was continuously given excuses by Mehta. Eventually, when he tried to reach him in November 2024, Mehta’s phone was switched off and he was not found at his Mira Road address.

The police have registered a case under Sections 406 (criminal breach of trust) and 420 (cheating) of the IPC.