Man booked for embezzling ₹3.95 crore from manufacturing firm’s accounts

The firm’s general manager submitted a written complaint against the suspect, addressed to the Gurugram commissioner of police on July 25 this year. The allegations were found to be true following an inquiry by the economic offences wing

Police have booked a man for allegedly embezzling ₹3.95 crore from the bank accounts of a private firm where he worked for 15 years, officials said on Tuesday.

The firm found out about the misappropriation early in 2021, following which the internal inquiry was launched. The suspect stopped attending office on January 18 this year and was later terminated. (Representative image/REUTERS)

According to cops, the suspect joined the firm as an assistant accounts officer in 2007. He started embezzling funds in 2012 and continued to do so till 2020, the firm’s internal inquiry revealed. The 30-year-old firm, located at Begumpur Khatola in Badshahpur, manufactures exhaust systems and other spare parts for passenger cars and two-wheeler companies. The firm found out about the misappropriation early in 2021, following which the internal inquiry was launched. The suspect stopped attending office on January 18 this year and was later terminated.

The firm’s general manager submitted a written complaint against the suspect, addressed to the Gurugram commissioner of police on July 25 this year. The allegations were found to be true following an inquiry by the economic offences wing.

An FIR against the suspect was registered under sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc), 468 (forgery for purpose of cheating) and 471 (fraudulently or dishonestly using any forged document or electronic record as genuine) of the Indian Penal Code at Badshahpur police station on Monday. Inspector Madan Lal, station house officer, Badshahpur police station, said, “The economic offences wing will take further action against the suspect.”

According to a senior police officer, the suspect opened an account with a private bank in Udyog Vihar Phase IV in 2010 with forged documents. “He started diverting funds from the company to this account in 2012. The date of birth, contact number, and address provided to the bank matched those he submitted to the company. The man changed his and the company’s name,” he said. The officer said the suspect might have found loopholes and exploited them by the virtue of his good behaviour with senior executives. “He was also able to get a promotion while he was embezzling funds,” the officer added. Police said he was among the most trusted employees in the firm’s finance department.