An assistant finance manager of the Stock Holding Corporation of India Limited (SHCIL) has been booked for forgery and for cheating the company of ₹2.93 crore.
The Economic Offence Wing (EOW), Unit I, registered the case with the Rabale MIDC police on Thursday, following a complaint lodged by SHCIL finance manager Neha Sunke. According to the complaint, Avinash Kamath cheated the company by transferring ₹2.93 crore into the accounts of non-existent clients. The company learnt of the fraud in a recent audit.
“The SHCIL, based in Mahape, trades stocks, and the accused is an assistant finance manager in the company. His job was to transfer the brokerage service commission to clients’ accounts based on the customers they brought in for trading,” an EOW officer said. He had allegedly transferred money into 26 ‘client’ accounts since November 1, 2017, but the audit revealed that these clients did not exist.
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“The accounts could belong to his friends or relatives, or could have been created using fake documents. We can verify this only after his arrest,” the officer said.
The case has been registered under Sections 408 (criminal breach of trust by clerk or servant), 409 (criminal breach of trust by a banker), 420 (cheating), 465 (forgery), 468 (forgery for purpose of cheating), 471 (using forged as genuine) and 477 (A) (Falsification of accounts) of the Indian Penal Code, and Section 66 (D) (cheating by personation) of the IT Act.