The Delhi Police’s Economic Offences Wing arrested a man for allegedly duping Eldeco Group of Companies of Rs 13.65 crore. The accused, a resident of Shreshtha Vihar, has been identified as Shubham Saxena.

A complaint by Eldeco Group of Companies levelled allegations of siphoning/embezzlement of funds against Shubham Saxena who was working as Assistant Manager (Accounts) in the company.

The company alleged that the 33-year-old accused transferred the funds to his personal account through accounts of fictitious vendors/firms. The fraud was detected in August when payments were transferred twice to one vendor.

ASSISTANT MANAGER ARRESTED FOR DUPING COMPANY OF RS 13.65 CRORE

Suspecting foul play, internal enquiries were made and it was revealed that since 2018, Shubham Saxena had duped the company of crores of rupees by opening fictitious accounts in the name of vendors having an uncanny similarity with the name of the actual vendor companies being dealt by the Eldeco and its companies.

The complainant alleged that Shubham got access to internet banking on the basis of forged board resolution.

On receiving the complaint, a preliminary enquiry was conducted and an amount of Rs. 13.65 crore (approx.) was found diverted/embezzled from the bank account of the complainant.

During the investigation, documents from the complainant company as well as from the banks were seized. The investigation also revealed that the maximum fund was transferred through internet banking.

The accused, who had been working in the company’s accounts department since 2009, created three firms in his name and in the name of his wife and mother.

He also created fake/fabricated bills and got them approved. After making payment to the fake vendor, he used to destroy the documents.

Efforts were made to arrest the accused who was absconding since the registration of FIR and shifted to an unknown place. On the basis of technical surveillance, the accused was arrested from Greater Noida.

It was revealed that the accused withdrew a large amount of money in cash and led a lavish life. Documents related to the purchase of two flats and two shops in Greater Noida and the purchase of a Hyundai Creta and a Maruti Ciaz were also recovered.

The accused was produced before the court and has been sent to 3-day police custody.