Employees, scrap dealers dupe company owner for Rs 1.9 crore

Chhatrapati Sambhajinagar: A company owner in Waluj has filed a police complaint against six individuals, including four former employees and two scrap dealers, accusing them of embezzling nearly Rs 1.9 crore.

According to police, Atul Bhandari (Bansilalnagar), the owner of Shubham and Amar Industries, which manufacture and supply spare parts for two-wheelers, registered a complaint alleging that the four employees including two accountants Pradeep Mule (Cidco Mahanagar), Praveen Kumar Bhone (Begampura) and two other staff members Bharat Khedkar (Waluj MIDC) and Swapnil Choubey (Buldhana) manipulated company finances during the Covid-19 pandemic while he was preoccupied managing another business in Gujarat.

The employees fabricated entries in the company's payment system and credit notes, resulting in a loss of Rs 1.9 crore. He further alleged that a portion of the embezzled funds was transferred to the accounts of two scrap dealers Shripal Kavadia and Kushal Kavadia (Cidco) who purchased materials from his companies.

The complaint also states that the employees used the stolen money to purchase property, vehicles, and other personal assets. Interestingly, Bhandari alleged that all four employees resigned abruptly upon realizing their fraudulent activities were uncovered. The Waluj police have registered a case against the six individuals, and investigations are ongoing.