The Bombay High Court has criticised the Mumbai Police for its delayed investigation into a complaint by a 53-year-old woman, Meenakshi Kapuria, whose Rs 3 crore was allegedly siphoned off by her HDFC Bank relationship manager. The court also issued notices to HDFC Bank and the Reserve Bank of India (RBI), directing them to respond by December 13.
A bench of Justices Revati Mohite-Dere and Prithviraj K Chavan was hearing Kapuria’s plea, which alleges that relationship manager Payal Kothari broke her fixed deposits worth Rs 3 crore, transferred the amount to fictitious accounts, and eventually into Kothari’s own accounts, without her knowledge. Kapuria, who filed a police complaint in October, stated she did not receive any SMS or email alerts when the transactions occurred.
The court questioned the bank’s accountability, asking whether it was not the bank’s responsibility when the money was siphoned off. It asked how would people trust banks if their relationship managers take them for a ride.
The bench also criticised the police for delaying action, expressing doubt about whether officers were waiting for a settlement between the parties. Kothari was arrested on December 3, hours before the court hearing, after zonal Deputy Commissioner of Police (DCP) Dikshit Gedam appeared before the bench. The court asked why it took the police so long to act, emphasising the gravity of the case, especially since Kapuria alleged that officers pressured her to settle the matter.
Kapuria’s plea alleged that Kothari had exploited Kapuria’s trust by taking blank signed cheques under the pretext of investing in mutual funds, gold bonds, and new fund offers (NFOs) for better returns than fixed deposits. Instead, Kothari allegedly misappropriated the funds. The plea further claimed that other bank officials were complicit in the fraud.
Gedam informed the court that Kothari had changed Kapuria’s contact details, preventing transaction alerts from reaching her. The court termed this “extremely serious” and expressed concern over the vulnerability of citizens whose life savings are entrusted to banks.
The court also noted lapses in the police investigation, revealing that Kapuria’s remaining account balance of Rs 30,000 had been frozen. Gedam assured the bench he would “personally supervise” the probe, now transferred to Senior Inspector Gajanan Pawar. A departmental inquiry has been initiated against the earlier investigating officer, Inspector Amol Dhole.
Acknowledging the seriousness of the allegations, the court permitted Kapuria’s counsel to add HDFC Bank and RBI as respondents. “At this stage, considering the manner in which the petitioner was cheated, we deem it appropriate to permit the learned counsel for the petitioner to implead the H.D.F.C Bank as well as the Reserve Bank of India as party respondents,” the bench said, while issuing notices to them.
