MUMBAI: The Bombay High Court on Tuesday issued notices to HDFC Bank and the Reserve Bank of India (RBI) after learning that an HDFC Bank employee had allegedly siphoned ₹3 crore from a customer’s fixed deposits.
A bench of Justices Revati Mohite-Dere and Prithviraj Chavan expressed concern over the breach of trust in the banking system. “Ultimately, people trust a bank… When a relationship manager cheats them, what faith will people have in the banking system?” they asked.
Case Details
The petition, filed by Meenakshi Kapuria (53), alleged that her relationship manager, Payal Kothari (27), broke her fixed deposits worth ₹3 crore and transferred the funds to fictitious accounts, eventually diverting them into her own. Kapuria claimed she received no SMS or email alerts.
Kapuria’s advocate, Rizwan Siddiquee, explained that Kothari gained her trust, obtaining blank signed cheques under the pretense of investing the funds in mutual funds, gold bonds, and new fund offers. The Versova police allegedly pressured Kapuria to settle the matter with Kothari. Prosecutor Kranti Hiwrale informed the court that Kothari’s accounts, holding just ₹30,000, had been frozen.
Police Investigation and Court’s Response
Hiwrale informed the court that Kothari was arrested on Tuesday morning. Justice Mohite-Dere questioned the delay in arresting Kothari, asking, “Why does an arrest happen only when a complainant approaches the court? And why are the police asking the parties to settle?”
Deputy Commissioner of Police (DCP) Dikshit Gedam, who appeared in court as directed, revealed that one more arrest was imminent and that the investigation had been transferred from PI Amol Dhole to senior PI Gajanan Pawar. A departmental inquiry would also be initiated against Dhole.
The court questioned why Kapuria had not received transaction alerts. Gedam explained that Kothari had changed Kapuria’s mobile number and email address in the bank’s records, preventing alerts from reaching her. The judges called the situation “extremely serious” and asked if the police had investigated the bank’s role.
Accountability and RBI’s Role
Justice Mohite-Dere criticized the lack of accountability, asking, “Is there no accountability when money is siphoned off under the bank’s nose?” Siddiquee referred to an RBI circular regarding such cases.
The court directed HDFC Bank’s senior manager at the Lokhandwala branch or the regional manager in charge of Mumbai to be impleaded, along with RBI, noting, “This cannot be tolerated. Today it’s one case, but many senior citizens rely on fixed deposits for their security.”
Next Steps
The court scheduled the next hearing for December 13, requesting details on the balance in Kapuria’s account before and after the FIR was filed on October 30. “We want to know if the money was siphoned off after the FIR was registered,” the judges added.
