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Woman Held for Extorting Rs 4.39 Crores from Retired CEO

Woman Held for Extorting Rs 4.39 Crores from Retired CEO


A woman has been arrested for allegedly extorting Rs 4.39 crore from a retired CEO of a cooperative bank by threatening to expose their relationship and lodge a rape case against him. The 45-year-old woman met the retired CEO, aged 65, through a mutual contact during her visit to the Wadala Bank branch in 2016.

The woman had first approached the retired CEO with a request for a loan saying she was passing through a financial crisis. While processing her loan, inconsistency was found in her documents for which the bank insisted on a survey of her house at Khopri in Anand Nagar district of Thane. In February 2017, the retired CEO went to her place to verify the documents when the woman allegedly forced him into a physical relationship.

Subsequently, to this meeting, a loan of Rs 3 lakh was sanctioned with a monthly EMI of Rs 7,300, but as time went over, the District Crime Branch, Kochi, took an unexpected turn when the lady started blackmailing the retired CEO, asking for Rs 8 crore in lieu of not making intimate photographs sent by him on WhatsApp to his family and colleagues public. He said that he paid the first instalment of Rs 5 lakh under pressure, followed by Rs 4.39 crore in 108 instalments between 2017 and 2023 after he retired as CEO. He had arranged the money by selling his flat and raising loans.

Despite getting huge money, the woman continued for more and the harassed retired CEO sought the help of the authorities. When she recently demanded an additional Rs 5 lakh, he filed a complaint with the police about the extortion. A trap was laid, and the woman was arrested on Tuesday while accepting Rs 1 lakh.

Further investigation by the cops is on to see where the extorted money has gone and if she has invested or purchased any assets from it. Inquiries are also being made into whether she had any accomplices in the extortion.

The arrest is a strict warning and reminder for extortion and filing of a lawsuit against such crimes. The police shall continue to ensure that justice be delivered to all and no one falls prey to blackmailing and extortion.

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