Mumbai, Mar 18 (PTI) A retired president of a company was allegedly duped of Rs 75 lakh by the wealth manager of a private bank known to him who promised him lucrative returns on share market investment, Mumbai Police said on Tuesday.

The victim had a salary account with a private bank where the accused worked as a wealth manager. He gained the trust of the victim over the past ten years, police said.

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The accused assured a 12 per cent return if the retired executive invested his money in shares who ended up transferring Rs 75 lakh from his savings and fixed deposits between August 2023 and November 2024.

The victim stated in the FIR that he didn't receive any returns on his money. As the accused hesitated to return his money and stopped taking his calls, he approached Juhu Police, an official said.

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Police registered a case of fraud and launched a search for the wealth manager.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)