Ex-finance executive booked for siphoning off ₹4.15 cr from firm’s account

According to the police, In January this year, he made forged entries and transferred an amount of ₹4.15 crores to his bank account and the accounts of people associated with him. The company officials informed the police that the fraud happened between January 3 and January 25, 2023

MUMBAI: A senior finance executive employed with a consumer electronics distributor was booked on Monday for allegedly siphoning off around ₹4.15 crores in 27 transactions from the company’s bank account in January this year.

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The company learnt about the fraud after the accused, Akshay Palav, a Thane resident, had resigned. According to the police, In January this year, he made forged entries and transferred an amount of ₹4.15 crores to his bank account and the accounts of people associated with him. The company officials informed the police that the fraud happened between January 3 and January 25, 2023.

“He allegedly transferred money in 27 transactions and cheated the company, which had believed in him. The company came to know about the fraud later when it conducted an audit, after which it lodged the police complaint against Palav, who by then had resigned from the company,” said a police officer from Powai police.

The complaint was lodged by Manish Jha, who works with the firm TTE Technology India Private Limited, a subsidiary of a consumer durable company based in China and has its office on Saki-Vihar Road in Powai.