NEW DELHI, May 14 -- The Economic Offences Wing of the Delhi Police has arrested a former manager at Knab Finance Advisors Pvt. Ltd., for allegedly siphoning off Rs 3.23 crore through misappropriation, criminal breach of trust, and cheating.
The police were informed about the incident through a complaint registered at the Economic Offences Wing of the Delhi Police.
The accused has been identified as Vinay Negi (38), a resident of Vasundhra, Ghaziabad, Uttar Pradesh.
According to the police reports, the total fraud is estimated to be close to Rs 5 crore.
The accused Negi was taken into custody on May 8 following a complaint from the company. An FIR was registered under sections 316(5), 318(4), 336(3), 340(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS) at EOW police station.
According to the complaint, Negi was responsible for disbursing loans to clients but instead redirected the funds into his own accounts and that of his associate, Amit Bhandari.
While company records indicated that loans had been issued to borrowers, the actual recipients never received any money. A detailed investigation into the bank accounts revealed that Negi used accounts at SBI and Kotak Mahindra Bank, while Bhandari's AU Small Finance Bank account was also involved.
The arrest was made by a team led by Inspector Jasveer and ASI Ashok Kumar under the supervision of ACP Ghanshyam, DCP Amit Verma, and Joint CP K.R. Chaurasia. The co-accused, Amit Bhandari, remains absconding.
Negi, a graduate, is reportedly a habitual investor in the stock market, particularly in options trading, driven by a desire to accumulate wealth quickly.
Authorities have issued a public advisory warning against dishonest practices and untrained financial speculation, stating that such actions can destroy careers and future employment prospects.
Published by HT Digital Content Services with permission from Millennium Post.