Nashik: Former Employees Accused of ₹1 Crore Fraud In Fertilizer Firm

Nashik: Former Employees Accused of ₹1 Crore Fraud In Fertilizer Firm

The misappropriation of funds, totalling ₹1.06 crore, was achieved through various means, as per the complaint

Prashant NikaleUpdated: Saturday, February 24, 2024, 03:12 PM IST
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Nashik: Former Employees Accused of ₹1 Crore Fraud In Fertilizer Firm | Representational Image

Two former employees of a fertilizer manufacturing company in Anandavalli stand accused of orchestrating a fraudulent scheme resulting in the misappropriation of funds amounting to more than ₹1 crore, officials informed on Saturday. The accused are identified as Vivek Surema Munjwadkar and Ashwini Bidkar.

According to the complaint lodged by the company's director, Munjwadkar and Bidkar, who previously held positions at Newchem Sunraysia Company, colluded between 2010 and July 10, 2023. During this period, they allegedly created falsified documents, deceiving the company into believing they were legitimate. Instead of delivering goods to their intended recipients, the duo purportedly diverted them for personal gain, effectively siphoning off substantial sums of money.

The misappropriation of funds, totalling ₹1.06 crore, was achieved through various means, as per the complaint. Following an internal investigation by the company's management, the matter was brought to the attention of the police, resulting in the registration of a fraud case against Munjwadkar and Bidkar at Gangapur police station.

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