Rs 40-cr fraud: Ex-bank manager used cash to open production house
Rajan Sakhare, 62, was first arrested in June for allegedly siphoning off more than Rs 21.6 crore just a month before his retirement in 2016 by fraudulently availing overdraft facility on fixed deposits.
The former deputy general manager of a national bank, arrested in connection with two cases of fraud involving Rs 40 crore, allegedly used the ill-gotten money to fulfil his dream of opening a film production house, and even paid seven actors, including Jimmy Shergill and Varun Sharma, and other artists for some projects, said economic offences wing officials. The EOW, however, said the actors were not aware of the source of the money.
Rajan Sakhare, 62, was first arrested in June for allegedly siphoning off more than Rs 21.6 crore just a month before his retirement in 2016 by fraudulently availing overdraft facility on fixed deposits of Railway Goods Clearing and Forwarding Establishments Labour Board by creating trails of forged documents. This money was later transferred to various bank accounts of seven companies through RTGS, said an official. The fraud came to light during an internal probe of the bank. He was sent to judicial custody.
The EOW then found his involvement in another similar fraud, following which he was arrested on Wednesday.
During further investigation, EOW officials found that Sakhare transferred funds to multiple bank accounts and later withdrew it. “Sakhare used the fraud money to open a film production company called New Dimensions Productions Private Limited in his and his family member’s name. He transferred Rs 1.10 crore in the firm’s account between March and July 2016,” said an official. He said that in February 2017, Sakhare made payments to seven actors - Shergill, Sharma, Jayant Shaw, Vishal Mudra, Divya Varma, Divya Saini and Akanksha Arya — and other artists for some film projects. “However, the film couldn’t be completed,” the official said. When contacted, Shergil said that generally, while signing any movie, actors go by the director’s name; one does not run a background check on the payment received. “We’ll have to go through the agreement to know more about the person [Sakhare] and the money. The agreement signed include taxes, advance payments and all the legal clauses. I would be able to comment only after going through it.” Sakhare also spent Rs 36 lakh on two Europe trips he had made for the film, Rs 22 lakh on a short film and Rs 1 crore on editing, the official said.