Hyderabad, May 14: Five persons, including four employees of Hindustan Sanitary Industries Limited (HSIL) in the city, were arrested for theft of 25 cheques of the company and fraudulent withdrawal of Rs 1.27 crore.
The HSIL, located at Ashok Bhoopal Chambers, Sarder 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 were stolen and that fraudulent withdrawals and fund transfers were made to the tune of Rs 1.27 crore. Somani lodged a complaint with Ramgopalpet police. The cheques and financial documents are kept in the safe custody of office staff and police suspected the involvement of ‘insiders’.
During investigation, police verified the account transactions and found some ‘beneficiaries’ of the amount withdrawn were in no way connected to the company.
“It is also found that some stolen cheques were not presented in the banks and the bank authorities were instructed to ‘stop payment’ of the said cheques,’’ Central Zone DCP Akun Sabharwal said. After investigation, police arrested K Chenna Reddy, assistant of the HSIL chief.
–Agencies