Coaching class staffer booked for siphoning ₹1.27 crore from company accounts

The Mulund police registered an FIR on Tuesday after the centre’s Chief Financial Officer (CFO) submitted a complaint. The accused, Harshad Kabule, was employed as an assistant manager, finance with the company

Mumbai: The assistant manager of Mahesh Tutorials, a well-known coaching centre in the city has been booked for allegedly siphoning off ₹1.27 crore from the company’s finances over four months.

Coaching class staffer booked for siphoning ₹1.27 crore from company accounts

The Mulund police registered an FIR on Tuesday after the centre’s Chief Financial Officer (CFO) submitted a complaint. The accused, Harshad Kabule, was employed as an assistant manager, finance with the company.

“In June this year, during an internal audit of the company’s finances, the CFO, Siddharth Haldar, found a deficit of ₹50 lakh in the company account and asked Kabule about it. Kabule told him that he had invested the amount in various fixed deposits and also showed the receipts, which had a leading bank’s logo,” said an officer with the Mulund police station.

In July this year, Haldar asked Kabule to dissolve the FDs as the money was needed to pay salaries to the company’s employees. The same day, ₹50 lakh was deposited in the company’s accounts and at the time, it was assumed that the money had come from the FDs that Kabule had dissolved. However, in the same month, Haldar once again found a deficit of ₹50 lakh and at the same time, Kabule went on sick leave. Haldar then made inquiries with the bank and was told that a new FD of ₹50 lakh was made in July and was dissolved within a couple of weeks.

“Haldar was told that the money deposited in the company’s account after his conversation with Kabule had come from the dissolution of this new FD. When Haldar asked the bank about the earlier FD, he was told that no such FD had been made before July,” the officer said.

Haldar then called Kabule to meet him and confronted him about the irregularities. At this time, Kabule confessed to having siphoned off not just ₹50 lakh but a larger amount. He even submitted a written confession, stating that he had stolen a total of ₹1.27 crore from the company’s accounts from February to June this year.

“According to inquiries so far, Kabule has used the money to make a down payment of ₹40 lakh for a new house in Kalwa, bought gold and silver jewellery and transferred the rest of the amount to accounts of his wife and other relatives,” the officer said.

Based on the company’s internal audit as well as Haldar’s statement, the police on Tuesday booked Kabule for cheating, forgery and criminal breach of trust under the Indian Penal Code.

“We are interrogating the accused and also ascertaining any active involvement on part of his wife and relatives in the offence. The process of establishing the trail of money is underway. No arrests have been made in the case as yet,” said senior police inspector Kantilal Kothimbire, Mulund police station.