FIR filed against wealth manager for cheating in Mumbai

The Juhu police in Mumbai have filed a case against Jay Mehta, a wealth manager from a private bank. The complaint comes from a former head of a pharmaceutical company. The complainant claims that Mehta cheated him out of ₹75 lakh. According to the victim, who retired in October 2024, he had been with a multinational company in Lower Parel. His salary was paid into an account at the bank that employed Mehta as his wealth manager. Mehta initially gained the complainant's trust by managing both his and his wife's accounts, as well as assisting with banking issues. Starting in 2023, Mehta encouraged the complainant to invest in the stock market. He claimed his team could deliver 12% returns, a higher rate than the 6% from fixed deposits. The complainant invested ₹30 lakh, and Mehta initially paid him ₹1.40 lakh in interest, which increased the complainant's confidence in the investment. To strengthen the trust further, Mehta provided the complainant with four blank cheques. However, between October 2023 and January 2024, Mehta failed to pay any interest. When questioned, he attributed the missed payments to a market crash and assured the complainant that he would repay the amount owed. In May 2024, he asked the complainant not to deposit the cheques due to insufficient funds. Despite the complainant's repeated attempts to resolve the matter, Mehta continued to give excuses. By November 2024, the complainant could no longer reach him, as his phone was off, and he was missing from his address. The police have charged Mehta with criminal breach of trust and cheating under Indian law.