Five persons, including four employees of Hindustan Sanitary Industries Limited (HSIL) in the city. They arrested for theft of 25 cheques of the company. They committed a fraud of Rs 1.27 Crores. The method is false cheques and the banks got caught in it.
Many banks involved in this fraud and they suffered a loss because of it. Although, a complete recovery occurred.
The HSIL, located at Ashok Bhoopal Chambers, Sardar Patel Road, markets sanitary ware. According to police, the company has accounts in Standard Chartered Bank, State Bank of India, and ICICI bank.
On May 3, during verification of bank reconciliation statements, the company senior vice-present JK Somani found that 25 cheques stolen and that fraudulent withdrawals and fund transfers made to the tune of Rs 1.27 crore.
Somani lodged a complaint with Ramgopalpet police. The cheques and financial documents are in the safe custody of office staff and police suspected the involvement of ‘insiders’.
People who committed fraud: work in the same company. The 5 entities made a transaction of Rs 1.27 Crore. The fraudsters the cheque method to make the fraud and committed it without anyone noticing.
The bank’s reputation ruined because of the fraud. Few Lakh of Rs burnt because of the fraud that later recovered. The banks are icici bank, state bank of India and standard chartered bank.
The banks stated that they faced some clashes with the accounter holders but later clarified.
During the investigation, police verified the account transactions and found some ‘beneficiaries’ of the amount withdrawn in no way connected to the company.
HSIL Chief Statement
“It is also found that some stolen cheques not presented in the banks and the bank authorities instructed to ‘stop payment’ of the said cheques,’’ Central Zone DCP Akun Sabharwal said. After the investigation, police arrested K Chenna Reddy, assistant of the HSIL chief.
