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.
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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