Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has arrested Girish Champaklal Dave and his wife Yashika Girish Dave in connection with an ₹11 crore financial fraud at a Mumbai-based firm, M/s C.N. Sanghvi & Company (Forward) Pvt. Ltd. The arrests were made from their residence in Bhayander (West), Thane district, following technical surveillance and intelligence inputs. According to police officials, Under the guidance of Senior Police Inspector Nitin Patil, his team, had been pursuing the accused couple in Rajasthan and Jaipur for 15 days. However, both of them had kept their mobile phones switched off. Later, in an attempt to mislead the police, the couple moved to another house in Bhayander, where they were eventually arrested.
Accused Tried to Evade Police by Switching Off Phones and Shifting Houses
According to police, information received through Call Detail Record (CDR) analysis and confidential sources indicated that the accused were hiding at Room No. 504, Raghuleela Building, near Maxus Mall, Uttan Road, Bhayander West. Acting on this tip-off, a police team conducted a raid and apprehended the couple. Their identities were confirmed through Aadhaar verification before they were taken into custody. The police informed their relatives and close associates about the arrest as per legal procedures.
The case pertains to alleged large-scale financial misappropriation by three trusted accountants of the company. Girish Dave, who joined the firm in 2012, along with Vishwajeet Shinde (joined in 2013) and Wilson John (joined in 2014), were entrusted with sensitive financial operations. Complainant alleged that after the introduction of mobile banking services in 2021, the accused misused transaction OTPs and illegally transferred company funds into personal accounts without authorization.
₹8.68 Crore Allegedly Siphoned, Funds Routed Through Wife’s Account
Investigators have found that Girish Dave allegedly siphoned off ₹8.68 crore from the company’s bank account. Of this amount, ₹3.46 crore was transferred to the bank account of his wife, Yashika Dave. Further investigation revealed that the couple routed funds to multiple beneficiary accounts, the details of which are still being traced.
Despite repeated questioning, the accused allegedly gave evasive answers regarding the diversion of funds and other beneficiaries. Police stated that custodial interrogation is necessary to trace the remaining accused, identify all beneficiary accounts, determine where the money was invested, and freeze illegally transferred funds.
The accused have been arrested under Sections 47 and 48 of the Bharatiya Nagarik Suraksha Sanhita, 2023, and the offence also attracts Section 316(5) of the Bharatiya Nyaya Sanhita, which carries a punishment of up to 10 years’ imprisonment. The EOW is expected to seek police custody to uncover the full extent of the fraud, track remaining accused, and recover misappropriated funds. The investigation is ongoing.
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