Archive · 17 Jan 2026
Airline Official Duped of Rs 2.9 Crore by Relationship Manager
A senior airline official named Deepak D was tricked by his relationship manager, Ajay Palith, over nearly ten years.
Palith convinced Deepak to invest in the stock market, promising high returns.
Deepak gave Palith control over his investment account.
Palith then sent fake reports showing profits, but in reality, he was hiding big losses.
Deepak only found out in 2023 when his accountant noticed something was wrong.
Palith had changed Deepak's email address so he couldn't get official updates.
When Deepak tried to withdraw his money, Palith said it was all gone.
The police are now investigating and have filed a case against Palith for cheating and forgery.
A senior airline official, Deepak D, was allegedly duped of Rs 2.91 crore by his relationship manager, Ajay Palith, over nearly a decade.
Palith misled Deepak by changing his registered email ID and sending manipulated investment reports showing false profits.
Deepak invested Rs 5 lakh initially and later around Rs 2.9 crore in derivatives and Rs 1 lakh in equity through Palith.
The fraud was discovered in 2023 when discrepancies were noticed between the capital gains statements and the reports shared by Palith.
Palith allegedly hid market losses and informed Deepak that the derivatives balance was zero when he tried to withdraw funds.
- Who
- Deepak D, a 58-year-old senior airline official, was the victim of the fraud. Ajay Palith, his relationship manager, is the accused.
- What
- Deepak D was allegedly duped of Rs 2.91 crore through share-trading and forged capital gains statements by his relationship manager, Ajay Palith.
- When
- The fraud occurred over nearly a decade, from 2014 to 2023.
- Where
- The incident took place in Powai, Mumbai, and the case was registered at the Powai police station.
- Why
- Ajay Palith allegedly manipulated investment reports, changed the registered email ID, and hid market losses to deceive Deepak D.
- Victim
- Deepak D, 58, senior airline official
- Accused
- Ajay Palith, relationship manager
- Amount Duped
- Rs 2.91 crore
- Duration of Fraud
- Nearly a decade (2014-2023)
- Investment Types
- Equity and derivatives
- Initial Investment
- Rs 5 lakh
- Total Investment
- Rs 2.9 crore in derivatives and Rs 1 lakh in equity
- Fraud Discovered
- 2023