He misused blank signed cheques given to him; pilfered FDs and share transactions.
The owner of a construction company, who blindly trusted his employee with signed blank cheques and gave him access to his fixed deposits and share transactions, found to his horror that the latter had siphoned off Rs8 crore from his firm by using the same.
In a complaint registered with Navrangpura police, Ketan Manilal, a resident of Mistry Bungalows near Shaligram Apartments in Vastrapur, stated that his employee Alkesh Ambalal has swindled Rs8 crore of his money.
Ambalal, a resident of Maninagar, used to work in Manilal's construction company on CG Road. Manilal, who trusted his employee, often gave him signed blank cheques to be deposited towards his own and family's fixed deposits and mutual fund investments. "Ambalal also had access to the share transactions of Manilal and was responsible for transferring money from the same to the latter's account," said police inspector PM Sarvaiya of Navrangpura police station.
Recently Manilal, who had gone abroad, had given Ambalal a few more signed blank cheques to be used for the various expenses of the company.
Manilal came to know of the cheating only when a Rs3 crore cheque that was realised following the sale of some shares, did not materialise. Manilal had asked his employee to sell the shares on his behalf and deposit the money in his account. When the cheque failed to realise even after a week, the owner suspected something fishy and called up Ambalal. Initially, Ambalal blamed it on the bank but later even refused to take his boss's calls. This prompted Manilal to look into the accounts and he found that Rs8,23,32,867 worth of cheques realised by various means, including share transactions since 2010 to be deposited, had gone missing. Police believe that Ambalal deposited the cheques in various accounts that he opened for himself. Navrangpura police arrested Ambalal on Saturday.
"The employee even siphoned off fixed deposit cheques meant for the complainant's family members," said Sarvaiya.
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