MUMBAI: An accountant at a Zaveri Bazaar-based jewellery company has been booked for cheating his employer after silver jewellery went missing and the accountant siphoned ₹10.23 crore in cash from the firm. Officers with the Economic Offences Wing (EOW) investigating the case said the accountant, Avish Jain, also allegedly manipulated records in the company’s software system to conceal his misappropriation.
An offence has been registered based on a complaint by Abhishek Shah, who runs Nine Silver Jewellery in Zaveri Bazaar.
In 2017, Shah had hired Jain to look after the company’s sales and accounts. In 2020, Jain started overseeing the company’s software and stock entries as an accountant. Later, Shah discovered several entries had been deleted from transactions in the software system. He also realised losses were shown in business and transactions, whereas the money in question had been transferred to Jain’s brother, other relatives and friends.
Shah also found that 146kg of silver and 47kg of fine silver were missing from the records. “The complainant found misappropriation in transactions relating to Vasave Jewellers, Coimbatore valued at ₹1.85 crore, Mahalaxmi Jewellers, Haryana, valued at ₹45 lakh, 146kg of silver valued at ₹4.75 crore, 47kg of silver valued at ₹ 1.17 crore, and from 18 parties around ₹2 crore,” said a police officer.
Jain took money from various entities and transferred it to his relatives’ and friends’ accounts, police said. “We have registered a case under sections 316 for criminal breach of trust and 318 for cheating, of the Bharatiya Nyaya Sanhita, 2023 against Avish Jain and his brother Alish Jain,” said the officer.
{{/usCountry}}Jain took money from various entities and transferred it to his relatives’ and friends’ accounts, police said. “We have registered a case under sections 316 for criminal breach of trust and 318 for cheating, of the Bharatiya Nyaya Sanhita, 2023 against Avish Jain and his brother Alish Jain,” said the officer.
{{/usCountry}}Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.