Ex-AGM siphons off ₹4.41 crore from firm’s accounts

Former assistant general manager booked for siphoning off ?4.41 crore from a machinery manufacturing company's accounts between April 2019 and July 2021.

MUMBAI: A former assistant general manager (finance) with a machinery manufacturing company has been booked for allegedly siphoning off ₹4.41 crore from the company’s accounts between April 2019 and July 2021.

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The purported fraud came to light when the accused, identified as Ashok Govind Jadhav, left the firm and the new assistant general manager (AGM) found discrepancies in accounts. The new AGM brought the transactions to the notice of the senior management and an audit was conducted pointing out fraudulent fund transfers. The audit revealed that Jadhav, who had resigned in 2021, had transferred ₹4.41 crore from the company’s accounts fraudulently.

According to the Cuffe Parade police, Jadhav had set up a firm and the money was transferred to his company through cheques by forging signatures of the director of his former employer, Swagelok Bombay (erstwhile Bombay Fluid System Components Pvt Ltd) that has its office in Maker Chambers in Nariman Point.

“He had formed a company Excel Exim and then by forging the signatures of the director Amit Advani, transferred money from the bank accounts of Swagelok Bombay to the account to his company, showing the amounts as expenses made over a period of time,” a police officer said.

“The company suspects that the accused might have diverted more funds from the firm’s accounts,” the police officer added.

Pravin Munde, DCP Zone 1, said Jadhav has been booked for cheating, forgery, criminal breach of trust and fraudulent cancellation, destruction, etc., of will, authori­ty to adopt, or valuable security. He added that they are yet to make an arrest in the case.