Accountant siphons off money in Ahmedabad

Accused used over Rs11 lakh of company funds to bet on the stock market; took money meant for clients.

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Accountant siphons off money in Ahmedabad


The lure of making some quick-buck at the stock market was so strong for an accountant that he siphoned off funds from his employer to bet on the market. A 25-year-old accountant, Shailesh Patel, took away more than Rs11 lakh from his company's account to invest in the share market.

Patel works for Parikshit Industries, which deals in spare parts. Patel, who attempted to give police the slip, was nabbed by the Ellisbridge police from his Bapunagar residence on Thursday evening. Ellisbridge police officials said that Patel took more than Rs11 lakh from his company and deposited them in his account between August 2009 and March this year.

Police inspector of Ellisbridge police station JB Gadhvi who
is investigating the case told DNA, "We arrested the accused on the basis of a tip-off. During investigation we also recovered a statement of India infoline from his home."

Officials said that Patel used to take advantage of cheques issued by the company for some of its clients. He deposited the money in his own account but fudged the books to show that the clients were paid.

Officials said a complaint was filed by the general manager of Parikshit Industries, Niranjan Puraval, with the Ellisbridge
police after the fraud came to light on March 8.  The Ellisbridge police then began investigations into the case which later led to Patel's arrest

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