A former employee of a leading private bank was arrested on Friday by Bandra police for allegedly duping retired civil engineer of Rs 15.86 crore, promising him Rs 30 crore in return for his investment. The accused identified as Samir Ajit Bose is a resident of Ulhasnagar. He had purchased a flat and a car with the money and has also started a credit society.

According to police, the accused worked with an organised crime gang in which around two dozen people are involved. They used to pose as officials of Insurance Regulatory and Development Authority (IRDA), Reserve Bank of India (RBI) and State Bank of India (SBI), to dupe their customers. He had promised the 83-year-old complainant Rs 30 crores insurance in return for investments.