Lokmat News Network
Chhatrapati Sambhajinagar: Harshkumar Kshirsagar (21), who embezzled crores from the divisional sports complex fund, also invested in the stock market and mutual funds. Police investigations revealed that his portfolio currently amounts to Rs 1 crore, and he had invested Rs 15 lakh in mutual funds. During his police custody remand (PCR) on Wednesday, the Economic Offence Wing (EoW), along with cyber experts and staff from the Cyber Police Station, assessed his fraudulent methods.
By Tuesday, police had successfully traced assets worth Rs 16.48 crore. In addition, the police have gathered information about foreign tours (travelled abroad eight times) from a travel company. Meanwhile, the court has rejected bail applications of Arpita Wadkar, Nagesh Dongre, Yashoda Shetty, and her husband Jeevan Karyaappa Vindada, who are in magisterial custody remand.
Stock Market advisor
Apart from his other assets, Harshkumar had invested millions in the stock market. He was making investments at various levels. After his arrest, the police seized his mobile and tablet, which revealed an initial portfolio worth Rs 1 crore, along with an investment of Rs 15 lakh in mutual funds. EoW’s police inspector Sambhaji Pawar and the PSI Ashok Awchar are investigating the case.
Questions over the bank’s role persist
There are still unresolved questions regarding the bank's role in facilitating net banking for an account holding crores in government funds. The police have not received an explanation from the bank on how net banking was allowed based solely on an email ID. The police had asked the bank to provide its guidelines for granting net banking permissions, but these have not yet been received. Generally, a form must be filled out by the authorised person of the account to grant net banking access. However, after rejecting two requests for net banking through forged emails, the third request was inexplicably approved via email. If the police do not receive satisfactory answers to who authorized this, there is a strong possibility that the person responsible will also be included in the list of accused.