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Goldman Sachs India executive held for Rs 38-cr fraud
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SME Times News Bureau | 10 Sep, 2019
Global financial services firm Goldman Sachs India executive Ashwini
Jhunjhunwala was arrested here for allegedly transferring Rs 38 crore
($5.4 million ) from the company's account to his personal accounts
online to pay off debts incurred in poker game (gambling), police said
on Tuesday.
"On a written complaint by the company's Indian
subsidiary here, we arrested 36-year-old Jhunhunwala under section 420
of the Indian Penal Code (IPC) on late Monday and produced him in a
local court on Tuesday," Marathahalli Circle Inspector S.P. Girish told
IANS.
According to preliminary investigation, Jhunjunwala, who
was looking after the company's forex and equity settlement claims,
transferred the money online from his colleagues' computers over the
months to avoid detection and escape being caught.
"The
vice-president's modus operandi in siphoning off the company's money was
to access the finance manager's account when the latter was away from
the seat on errands and transfer the amounts online to his accounts in
India and overseas. He was caught recently (September 4) when doing such
transactions," Bengaluru East Deputy Commissioner of Police (DCP) M.N.
Anucheth told IANS here.
The accused was caught on the basis of
video footage from the closed circuit television cameras (CCTVs) that
are present in the company's office, which showed the executive using
others workstations.
"The transactions timings tallied with that
of the videos which recorded and showed the executive using computers of
his associates for committing the fraud," pointed out Girish.
Relevant sections of the IPC were also applied on him for the alleged cheating and criminal breach of trust.
In
a complaint to the police, the company's legal counsel alleged that
Jhunjhunwala was trying to make up for the losses he incurred in the
online gambling. One of the accounts in which the money was transferred
was traced to be a shell company (Synergy Wisdom Ltd) in Hong Kong in
which he had invested.
"When confronted with video clip of the
crime, the accused tried to wriggle out by saying he was only evaluating
his colleagues performance on their computers," added the DCP.
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