Mumbai: Andheri Police Register Case Over ₹4.47 Crore Fraud By Ex-Employee Of MTC Business Pvt Ltd
Mumbai’s Andheri police have registered an FIR against Shivshant Upadhyay, a former senior executive of MTC Business Pvt Ltd, for embezzling Rs 4.47 crore. He allegedly transferred the customs duty amount to a shipping firm in his father’s name through multiple transactions and stopped attending work from November 3 after the fraud was discovered during an internal audit.
Mumbai: Andheri Police Register Case Over ₹4.47 Crore Fraud By Ex-Employee Of MTC Business Pvt Ltd | File Pic (Representative Image)
Mumbai: The Andheri police have registered an FIR against a former senior executive of a steel raw material firm for embezzling Rs 4.47 crore and transferring it to a shipping and logistics firm registered in his father's name last month.
The accused, Shivshant Upadhyay, 23, was employed with MTC Business Pvt Ltd and allegedly established a company, Shivay Shipping and Logistics, in October to perpetrate the fraud. Upadhyay was recruited in April, with primary responsibility to deposit customs duty on behalf of the company.
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During an internal examination, it was found that customs duty amounting to Rs 4.47 crore, due between October 14 and November 4, had not been paid. An investigation revealed that he transferred the funds through 10 transactions by creating an ICEGATE account, which is required for depositing customs duty. Following this, he stopped coming to the office from November 3.
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