Mumbai: A sessions court has refused to grant anticipatory bail to the deputy finance secretary and auditor of the United Services Club in Colaba amidst allegations of misappropriation of funds to the tune of Rs 11 crore.
The court has, however, granted relief to the deputy finance secretary’s husband and a member of a charitable trust observing that they were not involved in the crime. The court last week refused to grant anticipatory bail to Bernadette Bharat Varma, 63, and auditor CP Pandey.
As per the case registered with the Cuffe Parade police and now transferred to the Economic Offences Wing, in January 2025, the club received an anonymous letter alleging that Bernadette had transferred Rs 11 crore from the club’s account to Pandey, out of which only Rs 1.45 crore had been returned.
The club carried out its own probe. It revealed that Bernadette had sent the money to Jyotirgamay Foundation, Thane, using NEFT. The investigation also established that she had opened fraudulent bank accounts in the name of current and previous and transferred money into them.
The club alleged that Bernadette had misappropriated funds over a period of 20 years. She also invoked member confidentiality and refused to share complete information needed for the audit. Pandey, the club claimed, never brought this aspect to the knowledge of the management committee of the club.
While seeking anticipatory bail, Bernadette said that she was suffering from cancer. She claimed that she was not the only one handling the club finances; the secretary was also a signatory in the bank accounts. Pandey claimed that he had audited the club’s accounts only on the basis of the documents and records received from Bernadette.
The court, while rejecting their plea, said: “As per preliminary investigation, it is found that applicant Smt B Varma has illegally siphoned off Rs11 crore from the bank account of US Club by transferring it in a fictitious bank account.”
“Further applicant Smt B Varma and her husband Bharat Varma have opened a joint FD in their bank account for Rs 1.15 crore. It has also come to light that with the help of ill-gotten money applicant Smt B Varma and her husband purchased movable and immovable properties and also advanced money in the grey market to different borrowers at 12% to 18% per annum,” the court said.
“Thus, having regard to the totality of the facts, it appears to this court that applicant Smt B Varma was deputy secretary finance of US Club. While acting in the said post, she is alleged to have misappropriated the funds of US Club by applying dubious means and transferred ill-gotten money to fictitious firms’ bank accounts and also to Jyotirgamay Foundation Trust with the help of auditor CP Pandey, who also got Rs 50 lakh in his bank account...”
