The accused identified as Nitin Borade was working as Human Resource (HR) manager at a textile company.
A 55-year-old man was arrested by the MIDC Police on Friday evening in connection with a cheating case lodged against him by his employers. The accused identified as Nitin Borade was working as Human Resource (HR) manager at a textile company. Borade is said to have conned the comapny owners to the tune of Rs 95 lakh in total. Borade surrendered himself to the cops and as per the police, he allegedly forged signatures of the company's directors to channel money into his private account.
According to sources in the police, complainant Karan Sehgal, who runs the textile factory in Thane along with his brother Kabir, father Rajan, and Borade, was suspicious of the company's balance sheet.
Preliminary investigation revealed that Borade was responsible for embezzling money. Borade was working with the firm since 1992 and was entrusted with creditting salaries of the other 60 employees, preparing labour welfare fund bills, dealing in issues related to salary and preparing salary sheets. After receiving approval from senior officials, Borade sought final consent from the senior accountant to release salary into employee accounts, the police said.
"On finding something fishy in the company's internal audit reports, the owners confronted Borade. He told his owners that he embezzled for only two months as he was going through a rough financial phase. The owners realised that the names of two former employees were not struck off from the list. Instead, Borade kept encashing their cheques. Using this modus operandi, Borade had embezzled close to Rs 16 lakh from 2011 to 2018," senior police inspector from the MIDC Police Station Nitin Alaknure said.
To escape suspicion and execute his plan, Borade also committed forgery. He duplicated signatures using Photoshop and drew bearer cheques from the company's account through fax. The bank holding the company's accounts considered Borade as an old ally of the firm and never doubted him. They easily handed over large amounts on the basis of bearer cheques, the MIDC Police said.
Considering the gravity of the fraud, the owners lodged a complaint on December 7, 2018 and was willing to let Borade repay the embezzled amount in instalments. Three other employees — the chief accountant, head accountant and the accounts assisant of the company — are suspected to be a part of the fraud.
"Borade lodged another police complaint at the Charkop Police Station alleging he was subjected to atrocities like humiliation and discrimination by the company owners. Borade had applied for bail application in lower courts and the Bombay High Court. His plea was rejected in both the courts. He later surrendered to the police on Friday and was booked under sections 408, 420, 465, 467, 471, and 34 of the Indian Penal Code. Borade has been remanded until Wednesday. Further investigation is underway," Alaknure added.
MODUS OPERANDI
- Company owners investigated and found that accused Borade would not strike out names of ex-employees and keep encashing salary cheques against their names
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