Hyderabad: Two Employees Arrested for ₹2.1 Crore Fraud in Private Company
The Nacharam police have arrested two employees of a private firm in Mallapur, Hyderabad, for allegedly cheating their employer and embezzling company funds amounting to ₹2.1 crore.
Hyderabad: The Nacharam police have arrested two employees of a private firm in Mallapur, Hyderabad, for allegedly cheating their employer and embezzling company funds amounting to ₹2.1 crore.
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Accused Identified as Company Manager and Accountant
The arrested individuals have been identified as MNS Bhushan Reddy, the operations manager, and D Srinivas, an accountant of Neon Metal Crafts. According to police reports, the duo had been diverting company funds and misusing internal processes to siphon off money for personal gain.
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Fake Invoices and Illegal Transfers Uncovered
Investigations revealed that the suspects illegally created fake sales invoices and work orders under the company’s name. Using these forged documents, they managed to transfer approximately ₹35 lakhs online from Neon Metal Crafts’ bank account to a separate account belonging to another company, Adinath Industries, which they had illegally established.
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Total Misused Funds Amount to ₹2.1 Crore
The total amount misappropriated through fraudulent transactions is estimated to be around ₹2.1 crore, police said. These transactions were carried out under the guise of legitimate business operations but were later found to be unauthorized and fraudulent.
Company Owner Files Complaint, Accused Arrested
The fraud came to light after the owner of Neon Metal Crafts filed a complaint with Nacharam police. A case was registered under relevant sections, and following an investigation, both suspects were arrested and are now in custody.
