Mumbai: In a troubling incident involving a 27-year-old HDFC Bank employee, Payal Kothari, she has been accused of stealing Rs 3 crore from a customer’s fixed deposits (FDs) and transferring the funds into fake accounts. The Bombay High Court, in a hearing, issued notices to both HDFC Bank and the Reserve Bank of India (RBI), questioning the broader impact of such frauds on public trust in the banking system.
The case was brought forward by 53-year-old Meenakshi Kapuria, who alleges that Kothari, her relationship manager, manipulated her trust to break the fixed deposits and divert the funds to fraudulent accounts, ultimately transferring the money to Kothari’s personal accounts.
Kapuria claimed that she had not received any alerts (SMS or email) regarding the transactions. Kothari had initially gained her trust by taking signed blank cheques under the guise of investing her funds in high-return schemes such as mutual funds and gold bonds, rather than keeping the money in fixed deposits. The prosecutor, Kranti Hiwrale, informed the court that although Kothari’s accounts had been frozen, they contained only Rs 30,000.
During the hearing, the judges emphasized the serious ramifications of such frauds on public faith in the banking system, highlighting the erosion of trust when a relationship manager, a trusted figure, is involved in such dishonest activities. This case has raised alarm about the security of customer funds and the potential risks within the banking industry.