Pune: In a case of financial fraud, a manager exploited a banking glitch to embezzle ₹34.71 lakh from the accounts of Joy-N-Crew Vacations LLP. The accused, identified as Rakeshkumar Niranjan Panigrahi (30), transferred the money into his personal account over a year and fled to his hometown in Odisha.
The case was uncovered thanks to the efforts of a junior female colleague, Gauri Shinde, who reported the matter to the management and gathered evidence through WhatsApp conversations.
How the Fraud Was Uncovered
The Chief Operating Officer of Joy-N-Crew Vacations LLP, Ashish Moolay, filed a complaint with the Yerawada Police Station. According to the police, Rakesh joined the company on December 26, 2023, as Manager of Accounts and Finance.
Over the first three months, he familiarized himself with the company’s financial processes. The management entrusted him with full access to the accounts department, including login credentials, passwords, and the department’s OTP-enabled mobile phone.
On November 15, 2024, a day before the company’s internal audit, Rakesh cited a family emergency involving his father’s accident and left for his hometown after requesting an advance salary of ₹50,000 and airfare. He also took the company laptop and mobile SIM card with him.
While in Odisha, Rakesh attempted to involve his junior colleague, Gauri Shinde, in his fraudulent activities. He explained his methods to her and sought her collaboration to embezzle even larger sums. However, Gauri reported the matter to the management and, under their guidance, engaged him in conversations over WhatsApp to gather evidence.
Modus Operandi
Rakesh exploited a banking loophole where funds are transferred based on account numbers, irrespective of the beneficiary’s name. He created false beneficiary entries in the company’s records, using the names of vendors and promoters but linking them to his personal account details. He also updated these false transactions in Tally software to cover his tracks.
The fraud involved transferring ₹29,16,678 from Joy-N-Crew Vacations LLP’s accounts and ₹5,55,079 from Camellia Holidays’ accounts, totaling ₹34.71 lakh.
Role of the Colleague
Rakesh attempted to use Gauri Shinde’s help to continue his fraudulent activities over the next two to three months. He also expressed his intention to misuse the company’s letterheads and stamps. However, Gauri refused to participate and shared all evidence with the management, including their WhatsApp conversations.
Investigation and Current Status
The company uncovered the fraud during the internal audit. The Yerawada Police have registered a case against Rakesh under relevant sections of the law. Assistant Police Inspector Dinesh Patil is leading the investigation.
