EOW Nabs a Former Employee of CA Absconding for 6 Years in Rs 5 Crore Bank Fraud

The Economic Offences Wing (EOW) has arrested a former employee working under a Chartered Accountant for allegedly duping the Sansad Marg branch of a public bank of about Rs 5 crore using forged cheques.

The accused has been identified as 58-year-old Sudama Narware. He is a secretary and authorised signatory of a Madhya Pradesh NGO. As per the reports, he had been avoiding detection for around six years.

The case against the accused was registered on January 10, 2020, when the bank had claimed that in August 2019, the accused had allegedly withdrawn approximately Rs 6.3 crore from the account of a renowned private university using three cheques, among which two cheques were presented for clearance through another bank.

According to the police officials, about Rs 5.2 crore had been shifted to two accounts. One account belonged to a company situated in Vadodara, Gujarat, and the other is a non-governmental organisation (NGO) in Betul, Madhya Pradesh. During the case enquiry, the shift through the third cheque was stopped.

Subodh Kumar Goswami, DCP (EOW), said that “Rs 2.1 crore of the Rs 2.7 crore received by the NGO was later diverted to the firm, and the remaining Rs 4.2 crore was further transferred to Delhi in the accounts of five shell firms.”

The arrest took place in a remote area of southern Madhya Pradesh (MP), and as per the police, three individuals who helped the accused in this massive fraud were earlier nabbed, while some are still absconding.