Mumbai Crime: Assistant Manager And Sister Accused Of Embezzling ₹1.02 Crore From Hospitality Firm

Mumbai: The N.M. Joshi Marg Police have registered a case against Vijay Ajitlal Yadav and his sister, Shila Yadav, for allegedly embezzling Rs 1.02 crore from a Mumbai-based hospitality company. Vijay Yadav, who worked as an Assistant Manager, is accused of transferring company funds to his sister's bank account under the pretense of vendor payments.

Complainant Details and Company Background

According to the FIR, the complainant, Rakeshkumar Chandanmal Jain, 38, a resident of Rajgad Colony, Gandhinagar, Delhi, and currently residing in Magathane, Borivali East, works as Vice President at M/s Belona Hospitality Services Ltd., located at R.R. Hosiery Building, Laxmi Woollen Mills Estate, Dr. E Moses Road, Mahalaxmi, Mumbai.

How the Alleged Fraud Was Discovered

Jain lodged the complaint on behalf of the company on July 30, 2024. As per police complaint, Yadav joined the company on December 6, 2021, as an Executive Manager and was entrusted with several critical financial responsibilities, including processing vendor payments, maintaining bank transactions, updating billing records, and handling invoices.

Unauthorized Transactions Unearthed

The alleged fraud came to light when Jain noticed a suspicious transaction of Rs 2 lakh on May 5, 2024, in the name of vendor “B Beverages.” Upon further scrutiny, it was revealed that the bank account associated with the transaction did not belong to the actual vendor.

Internal Audit Reveals Massive Scam

An internal audit revealed a deeper financial scam involving 67 unauthorized transactions amounting to Rs 1.02 crore carried out between June 24, 2022, and March 23, 2024. These transactions, processed under the names of 40 different vendors, were allegedly routed to a single HDFC Bank account held by Shila Yadav.

Alleged Manipulation of Company Records

Using his official position, Vijay Yadav allegedly manipulated payment records by submitting false vendor details, and secured approvals from the company's Accounts Manager, Sanjay Phadke, for payments. When questioned by the company's audit committee, Yadav reportedly confessed to diverting funds.

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Legal Action and Investigation Underway

A case has been registered under Sections 408, 420, and 34 of the Indian Penal Code (IPC). Police are continuing further investigation into the matter.

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