Employee embezzles ₹16 cr in 3 months from shipping company

The complaint filed by financial advisor Albert Noronha of Interasia Shipping Lines India Limited said that the supervisor of the company’s treasury department has been creating fake purchase vouchers. The payments due on these purchases were being sent to the salary account of Mahadik

MUMBAI: A shipping company employee, Abhishek Mahadik, was booked on Tuesday after it came to light that he has embezzled ₹16 crores from the company in just three months.

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The complaint filed by financial advisor Albert Noronha of Interasia Shipping Lines India Limited said that the supervisor of the company’s treasury department has been creating fake purchase vouchers. The payments due on these purchases were being sent to the salary account of Mahadik.

“For this, he created fake PDA advance, fake email accounts from which he sent fake Noronha estimates of the purchased goods, and even fake vouchers in our account books. He did all this between May 2023 and August 2023,” Noronha told the Sahar police.

An official from Sahar police confirmed that Mahadik has been booked under sections 409 (criminal breach of trust by banker or agent), 420 (cheating and dishonesty), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating) and 471 (using fake documents as genuine) of the Indian Penal Code.

Embezzlement in PR company

An employee of PR company Madison Communications has been booked by the Andheri police for allegedly cheating his employer of ₹30 lakh. The said employee, who was in the payroll department, apparently made a lot of fake bills in the name of other employees and redirected all the money to his own account. He also tampered with the company’s account books since 2019. He was booked for falsification of accounts.

The accused, Rakesh Vima, was the senior manager (finance), and was responsible for overlooking the reimbursements and salaries that were credited to the accounts of the employees.

He had created a lot of fake documents to claim reimbursements. The complaint was made by another HR executive from the company named Rabindranath Parab. The accused was booked under sections 408 (criminal breach of trust), 465 (forgery), 467 (forgery of valuable security, will, etc), 471 (using fake documents as genuine) and 477A (falsification of documents) of the Indian Penal Code.