Ex-employee of startup company booked for siphoning off Rs 1.21 cr

The company is into supplying TV sets, all subjects books, tablets and other studying material to schools across India’s Tier 2 and Tier 3 towns and villages.

According to police, the accused Shinde worked in the said company’s Andheri (East) office between October 2018 and March 2023 as sales manager.

“During his service in the company, the accused person misused his position and connived with vendor companies that provided material for business. The vendors submitted inflated bills to the complainant company and Shinde, misusing his position, got inflated bills with excess amount worth Rs 1.21 crore cleared from the company,” states the FIR.

On the instructions of Shinde, the vendor companies transferred the fraudulently got amount to the accounts of Shinde’s wife Nisha and his friend Yogesh Kabadi and himself, the FIR added.

All the alleged irregularities surfaced in the internal inquiry carried out by an audit firm, roped in by the complainant company.

On the company’s complaint, the MIDC police booked Shinde under sections 420 (cheating), 406 (Criminal breach of trust), 120B (Criminal Conspiracy) and 34 (Common Intention) of the Indian Penal Code. Police are further investigating where the fraud money was diverted or utilised by the accused, said a police officer.