Mumbai: The Kalachowki police have registered a case of cheating and financial fraud involving an alleged misappropriation of Rs6.49 crore at Subhadra Metals Pvt. Ltd. The FIR names the company’s senior accountant Shweta Satam alias Shweta Rupesh Salvi, along with her associates, beneficiaries, a chartered accountant handling the company’s finances, and representatives of private moneylenders and non-banking financial companies (NBFCs). The fraud is alleged to have been committed through criminal conspiracy between August 2024 and September 2025.
Fraud Uncovered After Bounced EMI Cheque
According to the FIR, the complainant Sachin Harishchandra Sawant, 55, a director of Subhadra Metals Pvt. Ltd., was authorised by the company’s board of directors to initiate legal action after serious financial irregularities came to light. The company operates from Abhilasha Industrial Estate on G.D. Ambekar Marg, Kalachowki, and is engaged in marine engineering and non-ferrous casting, manufacturing marine propellers, stern gear assemblies, valves, and other specialised components for shipyards and defence establishments.
Shweta Salvi has been working with the company since 2014 and was promoted to the post of senior accountant in 2018 after gaining the confidence of the directors. She was entrusted with overseeing all financial transactions. From 2018 onwards, the company had appointed C.R. More & Associates, Worli, headed by chartered accountant Chandrashekhar More, for statutory and advisory work, including preparation of profit and loss accounts, balance sheets, income tax and GST filings. On his recommendation, Tejaswini Shetty & Co., Mulund (West), headed by CA Tejaswini Shetty alias Tejaswini More, was appointed to verify and certify monthly income statements.
Forged Documents and Stolen Cheques
The fraud surfaced on September 16, 2025, when Sawant received a call from Mahindra Finance informing him that an EMI cheque issued by his company had bounced. Shocked, as the company had not taken any such loan, Sawant ordered an immediate internal inquiry. A detailed scrutiny of bank statements and accounting records revealed that large loans had been raised in the company’s name from multiple finance companies and private moneylenders, and EMIs were being paid without the directors’ knowledge.
Suspecting large-scale financial embezzlement, the company appointed Kamlesh Jain, partner at C.S.K.A. & Associates, Bandra (West), as a new chartered accountant to conduct a forensic audit.
Police investigations revealed that Salvi, in collusion with others, allegedly stole company cheques, the director’s special signing pen, photographs, Aadhaar and PAN cards, and key corporate documents such as the Memorandum and Articles of Association. Using forged signatures of director Sachin Sawant and fabricated loan documents, the accused allegedly secured loans worth approximately Rs3.60 crore from private lenders and NBFCs without the directors’ consent.
Forensic Audit Ordered, Legal Notices Issued
It is further alleged that the accused misused online and offline banking systems, accessed Sawant’s mobile phone in his absence, fraudulently used OTPs, and transferred large portions of the loan amounts to their own accounts and those of other beneficiaries. The company has begun issuing legal notices to the concerned finance companies and lenders after discovering the fraud.
The FIR names several alleged beneficiaries, including Bhaskar Nathuram Thombre, Ganesh Pandurang Shinde, Meenal Subodh Jadhav, Paresh Sutar, Santosh Sutar, Subedar Yadav, Uma Kumar Iyer, Parshuram Sutar and Shailesh Khatate, along with CAs Chandrashekhar More and Tejaswini More. Large sums were allegedly siphoned off from the company’s accounts into these individuals’ bank accounts.
Chartered Accountants Also Named
Additionally, the accused allegedly withdrew cash by issuing self-cheques from Union Bank of India and other bank accounts of the company, forging the director’s signature. Through cash withdrawals and bank transfers, a total amount of around Rs6.49 crore was allegedly siphoned off, causing massive financial loss to the company.
The Kalachowki police have registered the case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act, and have initiated further investigation into the matter.
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