Woman Arrested for Blackmailing Former Bank CEO for ₹4 Crore

Thane: A woman has been arrested for allegedly extorting ₹4.39 crore from a retired CEO of a cooperative bank by threatening to expose their relationship and file a rape case against him. The 66-year-old complainant resides in Navi Mumbai, while the 45-year-old woman is a resident of Thane.

According to the Thane city police, the woman first met the retired CEO in 2016 through a mutual contact when she visited a branch of the bank in Wadala.

The woman initially claimed she needed a loan due to financial difficulties. During the loan process, the bank found her documents incomplete and needed to conduct a survey of her house in Anand Nagar, Kopri, Thane. The FIR states that in February 2017, the retired CEO visited her room to check the required documents. During this visit, the woman allegedly forced herself on him and engaged in physical relations with his consent. Subsequently, a loan of ₹3 lakh was sanctioned for five years with an EMI of ₹7,300.

A month later, the woman threatened to show nude photos of the CEO to his family and colleagues if he did not pay ₹8 crore. Under pressure, the complainant initially paid her ₹5 lakh.

From 2017 to 2023, he paid a total of ₹4.39 crore in 108 installments, selling a flat, withdrawing from his provident fund, and taking loans from various individuals to meet her demands. Despite receiving a substantial amount, the woman continued to demand more money. Fed up with her “relentless extortion,” the complainant approached the police.

On Tuesday, the woman was caught in a trap when she asked for another ₹5 lakh from the complainant. Acting on his complaint, the police set up a sting operation, negotiating the amount down to ₹1 lakh. They arrested the woman while she was accepting the additional ₹1 lakh. The police are now investigating further, tracing the money trail to determine where the funds were invested, if any assets were purchased by the woman, or if others were involved in the extortion racket.