MUMBAI: The Dadar police have arrested an accountant at Rachana Sansad Academy in Prabhadevi for allegedly siphoning off ₹4.39 crore from the college’s bank accounts. The accused purportedly confessed that he had lost the entire misappropriated amount in the share market.
The accountant, identified as Prajot Bhagwat, 36, was working on a contractual basis at the architecture college. The money he transferred to his own account was the TDS (Tax Deducted at Source) cut from employees’ salaries, which was to be paid to the income-tax department.
Bhagwat had been transferring money from the college’s bank accounts to his personal account since April 21 2024, but the college discovered this only on November 7. It conducted an inquiry into the matter, and the college superintendent, Suhas Pathak, subsequently filed a complaint at the Dadar police station.
“We have registered the offence under Sections 318 (2) (cheating) and 314 (4) (dishonest misappropriation of property) of the Bharatiya Nyaya Sanhita, 2023,” said a police officer. “We questioned the accused several times but he could not provide satisfactory answers, after which a decision was taken to arrest him. He was produced before the metropolitan magistrate court in Dadar, which has remanded him to police custody up to February 10.”
The police officer said the accused was claiming that he had invested the money in the share market via a demat account and made huge losses. “We are verifying his claims and are also checking if he had any more bank accounts where he could have parked the misappropriated money,” said the police officer.
{{/usCountry}}The police officer said the accused was claiming that he had invested the money in the share market via a demat account and made huge losses. “We are verifying his claims and are also checking if he had any more bank accounts where he could have parked the misappropriated money,” said the police officer.
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