Four persons, including an employee of a corporate firm in Thirubhuvanai near here, were arrested on Saturday on charges of allegedly siphoning off Rs.51 lakh from the company.
Senior Superintendent of Police (Law and Order) Omvir Singh said that the main accused Mahendiran who was looking after accounts in the corporate firm had transferred the company amount of Rs.23 lakh to multiple bank accounts in a fraudulent manner.
The issue came to light during an audit conducted by the company recently. Based on a complaint from K. Suresh, corporate head, the police detained Mahendiran for interrogation.
InvestigationPreliminary investigation by the police revealed that Mahendiran, in his capacity as accounts in charge, had prepared vouchers in the name of company’s suppliers and credited the same to the accounts of fictitious companies owned by him and his friends.
He confessed to the police that he had prepared a forged Provisional Registration Certificate (PRC).
He claimed that it was issued by the Department of Industries to facilitate opening of multiple bank accounts in the name of fictitious companies owned by him and his friends Sargunavel, Kumaravel and Lenin.
Mr. Omvir Singh said Mahendiran had purchased a house at Krishna Nagar, a Maruti Swift car, a motorcycle, jewellery and used a portion of the funds to meet his marriage expenses. He said Kumaravel, another accused and a friend of Mahendiran, was working as a binder in the corporate firm.
The police have recovered the car, jewellery and cash of Rs.40,000 from Mahendiran. The accused were produced before a local court and remanded in custody.
