Yes Bank employee accused of $137,500 fraud
As reported by the Economic Times, the court has also ordered investigation on other unnamed bank officers since it appeared that the fraud was committed by Shruti with help from other people. The court's contention was that since people keep their money in banks, such cases can lead to loss of client confidence.
The case relates to Gandhinagar-based MGD Electronics, whose MD, Rajesh Rathi, was approached by Shruti and her superior in 2007 to invest in mutual funds through the bank's wealth management services. The company invested a total of 1 crore in four funds in December 2007.
MGD Electronics moved court after police refused to register a case. The court subsequently directed police to investigate the matter. MGD Electronics has also filed a complaint in consumer court against Yes Bank. The next hearing for the case is on January 19.
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