In a significant breach of trust, two senior employees of a Mumbai-based company have been formally charged with orchestrating a sophisticated fraud, causing a financial loss of Rs 4.86 crore to their employer. The Marine Drive Police have registered a case against the accused for forgery, cheating, and misappropriation of funds.
The Elaborate Forgery Scheme
Deepak Rajesh Shah (49) and Deepak Prakash Naik (51), the two accused, allegedly hatched a conspiracy in 2024 to defraud Triveni Mudrai Project Limited. According to the police complaint, the duo fabricated a completely fake board resolution and several other company documents. Presenting these forged papers as genuine, they submitted them to a bank without seeking any authorization from the company's legitimate management.
This deceptive move enabled them to fraudulently secure loans totaling Rs 2 crore from the bank. The loan amount was disbursed in two tranches: one of Rs 1.20 crore and another of Rs 80 lakh. Investigations have revealed that this illegally obtained money was used to purchase two luxury vehicles for personal use.
Misuse of Funds and Assets
Police inquiries indicate that the loan amount was specifically utilized to buy two high-end Audi Q7 cars. The accused continue to use these luxury vehicles for their personal purposes. In a separate instance of fund diversion, an amount of Rs 14.11 lakh was allegedly transferred from the company's bank account at its Cuffe Parade branch to another account and misappropriated.
The case took a more complex turn with the revelation of two other vehicles. These were purchased earlier with the company's consent, involving loan amounts of Rs 1.44 crore and Rs 1.42 crore, adding up to Rs 2.86 crore. Despite resigning from his position as director and cutting all official ties with the company, Deepak Naik allegedly retained unauthorized possession of all four vehicles. He failed to return them even after the company served him a legal notice.
Legal Repercussions and Ongoing Probe
The company has alleged that the combined actions of Shah and Naik have resulted in a total financial detriment of Rs 4.86 crore. Based on the complaint, the Marine Drive Police have officially booked both individuals under relevant sections of the law for cheating, forgery, and criminal breach of trust.
A comprehensive investigation is currently underway to uncover the full extent of the fraud and to trace all misappropriated funds and assets. The police are examining bank records, the forged documents, and the trail of money to build a solid case for prosecution.
