Ludhiana: Trident Group lodges FIR against former chief financial officer after audit finds he embezzled funds
Harvinder Singh Gill has worked with Trident Group for over 34 years and it was found that he had embezzled the funds between April 16, 2019 and February 17, 2022.
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“He also informally acknowledged that he had never received any notice from the Income Tax Department though amounts transferred to his account were much more than the salary he got,” the statement further said.The Trident Group Limited said Tuesday it has filed an FIR against its former chief financial officer (CFO) Harvinder Singh Gill alias Harwinder Singh after an internal audit showed that he embezzled over Rs 8 crore from the company. While an FIR was lodged against Singh on June 11 at the Barnala City police station, he is yet to be arrested, the company said in a statement.
Singh, a resident of Sangowal village in Ludhiana, has worked with Trident Group for over 34 years and it was found that he had embezzled the funds between April 16, 2019 and February 17, 2022. Singh had left job in February.
After an internal audit at the company, an amount of more than Rs 8 crore in a total of 185 transactions was found transferred to the personal account of Harvinder Singh Gill through net banking, the statement said. It added, “Though he was authorised only as maker of transactions, yet by fraudulently managing the One Time Passwords (OTP) of accounts maintained with the State Bank of India’s Dholewal branch to his mobile number, he transferred money to his personal bank accounts in SBI’s Sarabha Nagar and HDFC Bank’s Jasdev Nagar (VPO Gill) branches and further remitted amounts to unknown destinations or accounts, the company said. It is known that his sons are settled in Belgium and Canada.”
“He also informally acknowledged that he had never received any notice from the Income Tax Department though amounts transferred to his account were much more than the salary he got,” the statement further said.
“The auditors of the S C Vasudeva and Co chartered accountants have no knowledge about the same despite them being the authorised signatories of the balance sheets of the company. Roles of other employees and various other accounts are also being checked by the company while there is a strong feeling among the management that the total amount of embezzlement will increase as more clues of frauds have come to the notice of the senior management of the company,” Trident Group Limited said in the statement.
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