Mumbai, Jan 22: In a major corporate fraud case, a Navi Mumbai-based businessman has alleged that his company was systematically defrauded of over Rs 11.21 crore by its chartered accountant (late) and accomplices over a period of nearly seven years.
Mohan Thakurdas Gurnani (78), director of Feelwell Garments and Accessories Pvt Ltd, stated in his complaint that the fraud came to light in July 2025 following internal scrutiny and a forensic audit.
Gurnani, a resident of Koparkhairane, Navi Mumbai, runs a women’s accessories manufacturing and export firm based in Sion East, Mumbai, employing around 80 staff.
His daughter, Deepa Lakhani, a fashion designer based in the US, oversees company operations, while his late chartered accountant, Raj Leela More, handled the company’s accounts.
Role of chartered accountant
According to the complaint, Raj More joined the company as a senior accountant in December 2017 and later became its full-time chartered accountant in November 2023 after briefly working with a private consultancy firm.
He was entrusted with managing the firm’s banking operations, tax filings, payments and financial compliance, with the support of junior accountant Shweta Jhanjhotad and accounts executive Jayprakash Yadav.
The company maintained two bank accounts at the Elphinstone House branch, which were used for daily business transactions, statutory payments and vendor settlements.
Fraud detected through audit
In July 2025, suspicions arose after Rahul Parwani allegedly alerted the management that funds were being siphoned off from the company accounts. Subsequent verification, supported by screenshots and banking records, revealed that large sums had been transferred to personal accounts belonging to Raj More and other beneficiaries.
A forensic audit conducted by CA Soham Shah found that between 2018 and July 2025, a total of Rs 11.21 crore was illegally diverted by manipulating bank statements, forging purchase orders and fabricating vendor bills. The audit revealed that Rs 10.24 crore was siphoned from one account and Rs 96.77 lakh from the second account.
The diverted funds were transferred to Raj More’s multiple bank accounts, as well as accounts belonging to Sahil Jadhav (22), Lavina Parwani (48), and other unknown persons.
Manipulation of bank records
Investigations further revealed that Shweta Jhanjhotad allegedly helped in forwarding original bank statements to Raj More, who then edited the records to prepare two separate versions—one manipulated version for internal records and audits, and another version with deleted debit entries for management review. These forged statements were allegedly used to conceal unauthorised transactions.
After Shweta went on maternity leave in March 2025, irregularities surfaced during a review of Jayprakash Yadav’s official email account, where deleted mails containing original and altered statements were recovered.
Suicide and separate case
On July 5, 2025, Raj More allegedly admitted during a conference call with the company directors and the external auditor that he had misappropriated company funds and apologised.
The next day, on July 6, 2025, More died by suicide, leaving behind a note in which he admitted to the fraud, denied the involvement of his colleagues, and accused Rahul Parwani and his friend Saba Qureshi of blackmailing him for money.
Based on the suicide note, a separate case under relevant sections of the Bharatiya Nyaya Sanhita was registered at Vakola Police Station.
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EOW probe underway
Following the forensic findings, the Economic Offences Wing (EOW) registered a case at Sion Police Station against Raj More (deceased) and other accused for cheating, forgery, criminal breach of trust and financial fraud.
Further investigation is underway to trace the money trail, identify additional beneficiaries and establish the full extent of the conspiracy, police said.
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