Two senior employees of a company, dealing in purchasing Naphthalene chemicals, have been arrested by the Economic Offences Wing of the crime branch, for defrauding the company to the tune of Rs15crore.
Two senior employees of a company, dealing in purchasing Naphthalene chemicals, have been arrested by the Economic Offences Wing (EOW) of the crime branch, for defrauding the company to the tune of Rs15crore.
They have been accused of purchasing Naphthalene higher than the market price for the company and of making fake purchase entries in the account books.
The duo has been identified as Mustafa Abdulla Surka and Ketan Dilip Khedekar.
“They were arrested on last Friday and have been remanded to police custody till December 15,” an officer said.
Surka worked as general manager (commercial) and Khedekar as assistant manager (purchase and finance) in the same firm as complainant Cyrus Bahadurji, director of Titan Organics Pvt Ltd at Gamdevi.
“Surka was working at the said company since 2002. He was handling purchases of chemical, repayment of money, maintenance of accounts and preparation of management information system (MIS) report,” said an EOW officer.
Between 2005 and 2008, Surka purchased raw chemical at more than the market price and showed low purchase cost in the MIS report. The company sustained huge losses of Rs285.60 lakh in 2005, Rs347.63 lakh in 2006 and Rs478.08 lakh in 2007.
“Investigations revealed that Khedekar had also taken help from other Naphthalene supplier to purchase it for his employer’s company at a higher price and had received huge commission for this. They also made fake entries in MIS report between October 2005 and July 2008, and the company suffered losses of Rs15 crore,” an investigator said.
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