Retired Executive Duped in Rs 75 Lakh Fraud

A retired company president was allegedly defrauded Rs 75 lakh by a trusted wealth manager. The manager, who was associated with a private bank, promised high returns on stock investments. No returns were received, prompting the victim to report the case to Mumbai Police, who are now searching for the suspect.

A retired executive has fallen victim to a major financial scam worth Rs 75 lakh, orchestrated by a trusted wealth manager from a private bank, Mumbai Police revealed on Tuesday.

The executive, who held a salary account at the bank, transferred his funds based on a promise of a 12% return on share market investments. Over a decade, the wealth manager had cultivated the executive's trust, eventually persuading him to invest.

After receiving no returns and being unable to contact the wealth manager, the victim filed an FIR with Juhu Police. Authorities have registered the case as fraud and are actively searching for the manager.

(With inputs from agencies.)