Goldman Sachs India VP Jhunjhunwala held for Rs 38 crore fraud
New Delhi | Jagran Business Desk: Global financial services Goldman Sachs Vice President Ashwini Jhunjhunwala was arrested in Bengaluru on Tuesday for allegedly transferring Rs 38 crore from the company's bank account to his own, police said on Tuesday.
As per reports, he swindled the firm to overcome financial losses, while playing an online game-- poker.
"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 on late Monday and produced him in a local court on Tuesday," Marathahalli Circle Inspector S.P. Girish said.
Meanwhile, his aide Vedant is still at large, police said.
Based on a complaint by the legal head of the company Abhishek Parsheera, multiple cases were lodged under various IPC sections including criminal breach of trust and cheating was registered against the two.
According to the FIR, Jhunjhunwala had used his three subordinates Gaurav Mishra, Abhishek Yadav and Sujith Appaiah to execute his designs.
The vice president had allegedly logged on to their office systems on the pretext of training them.
"While working on their computers, he sent them away on some or the other pretext such as bringing water and logged on to their system. Further he transferred Rs 38 crore in two instalments to the Industrial and Commercial Bank of China illegally," the FIR said.
Vedant, who has been terminated from the company for such fraudulent activities, had allegedly connived with him to siphon off the money, police said.
The matter came to light on September 6 during an internal audit.
Subsequently, Mishra, Yadav and Appaiah were questioned, who expressed their ignorance, police said.
According to police sources, Mishra told company officials that Jhunjhunwala had asked him to create a Settlement Reconciliation Service (SRS) for payment recall recently, which he did not know as he was new to the firm.
It was during that time that Jhunjhunwala allegedly took control of his system to siphon off the money on September 4, sources said.
The company stated in its complaint that Jhunjhunwala had lost USD 70,000 while playing online poker. He had also obtained loan of Rs 25 lakh and personal loans from a few others. Following losses, Jhunjhunwala consulted Vedant who allegedly guided him to divert the money, police added.
Posted By: James Kuanal