Mumbai News: Khar Police Registers Case Against Former Excel Entertainment Employee Over ₹ 46 Lakh GST Fraud

The Khar police have registered a case against Bhagwan Kaskar, a former accounts employee of Excel Entertainment, for allegedly misappropriating Rs 46.24 lakh by failing to deposit Goods and Services Tax (GST) collected on behalf of CEO Vishal Ramchandani.

Funds Meant for GST Deposits

Ramchandani, associated with Excel Entertainment since 2008, transferred Rs 56 lakh via NEFT between 2018 and October 2024 to Kaskar’s account for GST payments, including his personal taxes. The fraud surfaced in 2024 when the company’s CFO, Jaswantsingh Hinduja, noticed irregularities in GST deposits.

Confession and Partial Repayment

During a October 4, 2024 meeting, Kaskar allegedly admitted the misappropriation and submitted a written confession. He handed over five cheques toward repayment but repeatedly requested they not be deposited. By the end of October, only Rs 2 lakh was repaid.

Total Loss Including Penalties

Interest and penalties on unpaid GST increased the total loss to approximately Rs 65.82 lakh. An FIR was filed on December 24 for criminal breach of trust and cheating, with investigation ongoing.

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