Mumbai: Manager Arrested For Embezzling ₹1.75 Crore After Audit Reveals Irregularities

Mumbai: Manager Arrested For Embezzling ₹1.75 Crore After Audit Reveals Irregularities

The arrest comes after a two-month-long pursuit by law enforcement

Vishal SinghUpdated: Wednesday, December 27, 2023, 11:28 PM IST
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In a significant development, the MIDC police have apprehended Sameer Narsu Sahu, the wanted manager of the Treasury Finance Department, accused of orchestrating a financial scam worth crores of rupees in a private finance company located in Andheri. The arrest comes after a two-month-long pursuit by law enforcement.

According to police investigations, Sameer Sahu allegedly embezzled approximately ₹1.75 crores over the last three and a half years by misusing his position within the company. The funds were siphoned off through 225 transactions into his personal bank account.

Sahu, who previously held the position of Deputy Manager, was promoted to the role of Manager in October 2019, overseeing the Treasury Finance Department. In this capacity, he was responsible for managing cash flow, interest calculations, term loans, working capital lines, and internal and statutory audits related to these areas.

Financial irregularities

The financial irregularities came to light during an audit conducted by Suri & Company in May 2023. R Srinath, representing Suri Company, discovered suspicious financial records during the audit. Upon further investigation, it was revealed that substantial amounts had been transferred from the company's account to another bank account under the guise of bank charges.

During the audit process, Sameer Sahu attempted to mislead auditors, claiming that the company did not incur any bank charges, and the entire amount remained in the company's bank account. However, the auditors uncovered that funds had been transferred to Sahu's bank account in October 2020.

The audit revealed a total of 225 entries between October 23, 2020, and May 2, 2023, amounting to ₹1.75 crore transferred from the company's bank account to Sameer Sahu's account. The company, upon discovering these irregularities, promptly sought transaction details from the bank.

Upon verifying the transactions, the company's senior management instructed Akshay Anandrao Kadam, Assistant Manager, to file a complaint with the MIDC police. Senior Police Inspector Satish Gaikwad received the complaint, leading to the registration of a case of embezzlement and cheating against Sameer Sahu.

Sahu's confession

Following the complaint, the police initiated an investigation and detained Sameer Sahu, who had been wanted for two months. During questioning, Sahu confessed to embezzling ₹1.75 crore through the misuse of his position. Subsequently, he was arrested and presented in court, with the court granting police custody for further inquiry.

The police are now probing the destination of the embezzled funds and exploring whether others were involved in the fraudulent activities.

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