The Trident Group Limited said on Tuesday it had filed an FIR against its former Chief Financial Officer (CFO) Harvinder Singh Gill aka Harwinder Singh after an internal audit showed he had embezzled more than Rs 8 crore from the company. While an FIR was filed against Singh on June 11 at the Barnala City Police Station, he has yet to be arrested, the company said in a statement.
Singh, a resident of Sangowal village in Ludhiana, has worked with Trident Group for over 34 years and was found to have misappropriated the funds between April 16, 2019 and February 17, 2022.
After an internal company audit, an amount of more than Rs 8 crore out of a total of 185 transactions was found transferred to Harvinder Singh Gill’s personal account via online banking, the statement said. He added: “Although he was only licensed as a transaction operator but fraudulently handling one-time passwords (OTPs) of accounts held at Dholewal branch of the State Bank of India on his mobile number, he transferred money to his personal bank accounts in Sarabha Nagar branches of SBI and Jasdev Nagar (VPO Gill) branches of HDFC Bank and further transferred amounts to destinations or accounts unknown, the company said, and his sons are known to be based in Belgium and Canada.
“He also informally acknowledged that he never received a notice from the Income Tax Department, although the amounts transferred to his account were well in excess of the salary he was receiving,” he said. the press release.
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“The auditors of the Chartered Accountants SC Vasudeva and Co have no knowledge of the same although they are the authorized signatories of the balance sheets of the company. The roles of other employees and various other accounts are also audited by the company while management has a strong sense that the total amount of embezzlement will increase as more and more indications of fraud are brought to the attention of the company’s senior management,” said Trident Group. Limited in the release.