Banker held for usurping Rs 1.98 crore

Police said that the victims Krishnamoorthy (70) and his wife Subathra (67) were residents of Sivanandha Colony here. They sold their property and had Rs 2 crore in hand. They approached their neighbour Sujan Summar Mathew (47), who was then working in IDBI bank, for advice to invest the money. 

However, he lured them into a trap by saying that they would get 18 per cent interest if they invest in mutual funds. Krishnamoorthy gave three cheques for Rs 1.98 crore to invest it in their names in 2008. Police said the banker deposited the money in his account instead. 

Sujan gave them Rs 32.4 lakh as interest at Rs 2.7 lakh a month for a year. It is learnt that Sujan abruptly stopped paying the interest to the aged neighbours. When they questioned him, he told them that the market was dull and promised to pay them when it improved. Growing suspicious, the aged man lodged a complaint with the police in June 2011. Learning about it, Sujan absconded with his family. Six years later, on Friday, the police arrested Sujan here. Inquiry revealed that he was in Hyderabad. He had bought a flat for Rs 75 lakh there with the money. He was remanded to judicial custody on Saturday.