A major financial fraud involving ₹11 crore has been uncovered at a reputed Mumbai-based company, M/s C.N. Sanghvi & Company (Forward) Pvt. Ltd., where three long-serving and trusted accountants allegedly siphoned off crores of rupees by misusing banking access and transaction OTPs. The Economic Offences Wing (EOW) of the Mumbai Police has arrested the main accused, Girish Dave, and his wife, Yashika Dave, from Bhayandar in connection with this case.
According to police, the complainant, Sameer Chimanlal Sanghvi, stated that Girish Dave, who had been working with the company since 2012, along with Vishwajeet Shinde, employed since 2013, and Wilson John, employed since 2014, were part of the accounts department. Being senior and trusted employees, the company placed complete faith in them and allowed them access to sensitive financial operations.
In 2021, when Bank of Baroda introduced its mobile banking services, the company assigned a dedicated mobile number for receiving transaction OTPs. This mobile phone was primarily kept with Girish Dave. Police allege that Dave, in conspiracy with the other two accountants, misused the OTPs without the company’s knowledge or consent and transferred nearly ₹11 crore from the company’s bank accounts into their personal accounts over a period of time.
After the fraud came to light and a case was registered, Girish Dave and his wife allegedly went into hiding. They switched off their mobile phones and continued to keep tenants at their old Janata Nagar residence for several years in an attempt to mislead investigators. However, based on technical surveillance, including call detail record analysis, and specific intelligence inputs, the police traced their location and conducted a raid at a building on Uttan Road in Bhayander (West), where both were arrested.
The investigation has revealed that Girish Dave allegedly siphoned off ₹8.68 crore from the company’s account, out of which ₹3.46 crore was transferred to the bank account of his wife, Yashika Dave. Police also found that the accused kept changing their locations to evade arrest while continuing to collect rental income online.
The accused have been arrested under Sections 47 and 48 of the Bharatiya Nagarik Suraksha Sanhita, 2023. Given the seriousness of the offence, a case has also been registered under Section 316(5) of the Bharatiya Nyaya Sanhita, which provides for punishment of up to 10 years’ imprisonment. Police are now probing where the siphoned money was invested, tracing other beneficiary accounts, and searching for the remaining accused, Vishwajeet Shinde and Wilson John. The accused will be produced before a court, and police custody will be sought to uncover the full extent of the financial fraud.