India, Feb. 5 -- The Dadar police have arrested an accountant at Rachana Sansad Academy in Prabhadevi for allegedly siphoning off Rs.4.39 crore from the college's bank accounts. The accused purportedly confessed that he had lost the entire misappropriated amount in the share market.

The accountant, identified as Prajot Bhagwat, 36, was working on a contractual basis at the architecture college. The money he transferred to his own account was the TDS (Tax Deducted at Source) cut from employees' salaries, which was to be paid to the income-tax department.

Bhagwat had been transferring money from the college's bank accounts to his personal account since April 21 2024, but the college discovered this only on November 7. It conducted an inqu...