Finance Manager of Firm arrested for siphoning off Rs.1 Crore

Police arrested a former senior finance manager of a food catering company for siphoning off Rs.1 crore from the company’s funds by falsifying financial records.

Minhaz Ahmed, the accused was arrested on the complaint of Chander Lakhani, vice-president of Foodlink FB Holding and a resident of Super Cooperative Society in Sector 48-A, Chandigarh.

According to the complaint, Ahmed had worked for the company since December 2, 2021, until his unexpected disappearance.

During his career, Ahmed served as senior finance manager at the company’s Mohali unit, where he oversaw the branch’s financial management and accountability.

Later, an internal audit discovered anomalies in the financial statements, necessitating additional investigation. When questioned, Ahmed was unable to provide sufficient explanations for the inconsistencies, which led to the discovery of financial record manipulation to steal Rs.1 crore.

Following an internal investigation, it was found that Ahmed had stolen various corporate assets, including a laptop, pen drives, and other important items. Despite attempts to identify him, Ahmed is still at large, making it difficult for the corporation to reclaim the stolen funds and assets.

Acting on the complaint, the Chandigarh Police’s economic offences wing (EOW) filed an FIR under Indian Penal Code Sections 406 (criminal breach of trust), 420 (cheating), and 120-B (criminal conspiracy).