New Delhi [India], May 14 (ANI): The Economic Offences Wing (EOW) of Delhi Police has arrested a manager of a private finance firm for allegedly embezzling Rs 3.23 crore. The total fraud amount is estimated to be around Rs five crore.
The accused has been identified as Vinay Negi (38), a resident of Vasundhara in Ghaziabad.
Following an in-depth investigation by the EOW team, he was arrested on May 8 at his residence.
Negi worked as a manager at M/s Knab Finance Advisors Pvt. Ltd, where he was in charge of loan disbursements.
The fraud came to light after the company filed a complaint alleging that loan records showed funds had been disbursed, but the intended borrowers never received the money.
Initial investigations revealed that Negi had diverted large sums to his personal accounts with SBI and Kotak Mahindra Bank and into the AU Small Finance Bank account of his associate, Amit Bhandari.
DCP EOW, Amit Verma, said, “Negi, in connivance with unknown accomplices, misused his position to systematically siphon off company funds.”
He added that although the confirmed fraud amount stood at Rs 3.23 crore, evidence indicated that the total misappropriation may touch Rs 5 crore.
Co-accused Amit Bhandari is currently absconding, and police teams have launched efforts to trace and arrest him.
Negi, a graduate, reportedly developed a habit of investing in the stock market, particularly in option trading, driven by his desire for quick money.
According to officials, he used the stolen money for personal luxuries and high-risk financial ventures.
Officials warned the public about the dangers of illegal financial practices and high-risk investments made without proper knowledge or guidance.
Further investigation into the case is ongoing.
In a similar case on Wednesday, Delhi Police also arrested two individuals for allegedly defrauding the Ministry of Electronics and Information Technology (MeitY) of more than Rs 3 crores.
The accused have been identified as Prashant Agarwal, Director of HPPL Foundation and a resident of Bengaluru, and Sudhanshu Kumar Rakesh, a Chartered Accountant and partner at Tripurari & Associates from Nalanda, Bihar.
Delhi Police’s EOW DCP, Amit Verma, said that the arrests follow the registration of an FIR dated April 24, based on a complaint by Rashi Sharma, a representative of MeitY Startup Hub (MSH), which is a division of the Digital India Corporation under the Ministry. (ANI)
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