Two Senior Employees Booked for Rs 4.86 Crore Corporate Fraud in Mumbai

Mumbai | Undercover Editor News Channel

Mumbai:

In a major case of corporate fraud, Mumbai Police have registered an offence against two senior employees for allegedly cheating their company of ₹4.86 crore by forging official documents and abusing their position of trust.

The accused, identified as Deepak Rajesh Shah (49) and Deepak Prakash Naik (51), were working with Triveni Mudrai Project Limited and are accused of fabricating company records to illegally secure bank loans for personal gain. The case has been registered at Marine Drive Police Station, and further investigation is underway.

Forged Documents Used to Secure Bank Loans

According to police officials, the accused allegedly conspired in 2024 to create a fake board resolution and forged company documents, falsely presenting them as authorised approvals. These documents were submitted to a bank without the knowledge or consent of the company’s management.

Based on the forged paperwork, the accused reportedly obtained two separate loans amounting to ₹2 crore — ₹1.20 crore and ₹80 lakh — which were later used to purchase luxury vehicles, including an Audi Q7, strictly for personal use.

Company Funds Allegedly Misappropriated

Investigators also revealed that an additional ₹14.11 lakh was allegedly transferred from the company’s Cuffe Parade branch bank account to another account and misappropriated.

Police further stated that the accused had earlier availed loans worth ₹2.86 crore for purchasing two other vehicles, which were initially approved by the company. However, despite resigning from their official roles and severing all ties with the firm, Deepak Naik allegedly retained possession of all four vehicles without authorisation.

Even after the company issued a legal notice demanding the return of the vehicles, the accused allegedly failed to comply.

Total Loss Pegged at ₹4.86 Crore

The company has claimed that the fraudulent activities carried out by the accused resulted in a total financial loss of ₹4.86 crore. Based on the complaint, police have booked both individuals under relevant sections related to cheating, forgery, criminal breach of trust, and conspiracy.

Authorities have confirmed that the investigation is ongoing and further action will be taken based on financial audits and banking records.