Delhi Police EOW held one from a law firm for alleged diversion of funds of over Rs. 27 crores

New Delhi, October 25

Delhi Police EOW held a senior employee from a law firm for alleged diversion of funds to the tune of Rs. 27.28 crores 

The accused was identified as Kamal Kumar (48) who works as GM Finance in J Sagar Associates. The accused diverted funds from the account of employer firm to his personal account for one and half years. 

The EOW had received a complaint was made by Amit Kapur and Dheeraj Nair, both partners of the complainant firm, J Sagar Associates stating therein that the alleged Kamal Kumar was General Manager (Finance) in their firm and he  had diverted the funds of the firm in his personal account and misappropriated the same. The accused has so far misappropriated an amount to the tune of Rs 27.28 Crores. 

Add CP (EOW) RK Singh stated Kamal Kumar made several bogus/forged entries in firms’ accounting software and these entries/transactions were made on the false pretext of payments for taxes of certain clients. After preliminary enquiry the case was registered and investigation taken up by EOW.

The investigation has revealed that during the covid pandemic accused Kamal Kumar diverted Rs 27.28 Crore in his personal bank account and misappropriated these funds during last one and half year. It was also revealed that accused had invested this money in share market and booked losses in option trading.

The accused was held following a detailed probe and now been taken on police custody remand and further investigation in the case is in progress.

According to the EOW, the accused indulged in creation of bogus entries in the accounting software of the employer either though himself or through his subordinates.

II.Accused person being competent to authorize the approvals for the payments up to Rs 1.5 lakhs,  approved more than 2300 entries in last one and half year

III.Diverting the funds of the firm into the personal bank account of accused employee on the pretext of withholding tax payments on behalf of clients or Stamp Duty payments

The accused is a graduate and also a qualified CA (Charted Accountant). He was working with the complainant firm as General Manager (Finance) with monthly salary of Rs 4.5 lakhs. 

The EOW is further investigating more with regard to the roles of other accomplices, if any, is in progress.

WORDS OF CAUTION FOR THE FINANCIAL ENTITIES:

The companies, firms and other entities having heavy financial flows in day to day dealings are hereby cautioned to keep a close watch on the transactions and the employees authorized in this regard through regular internal audits - not allowing development of autonomous power centers. In case of any complaint or suspicion of any such fraud, communication may be made online on the following platforms:

Twitter Handle of EOW:-   @EOWDelhi

Website of Delhi Police :-     https://www.delhipolice.nic.in