Hyderabad: The 45-year-old Namburi Bala Srinivasa Rao, the ex-Chief Financial Officer (CFO) of the NSL Sugars Limited, was arrested by the Banjara Hills police on Wednesday for stealing Rs 3.68 crore from the firm while he still held the position of the company’s CFO.
The company first discovered that he had embezzled Rs 65 lakh in company funds, and lodged a complaint with the police. Meanwhile, during a recent audit, they unearthed that Rao had misappropriated another Rs 3.03 crore.
Describing the modus operandi of the accused, Banjara Hills’ Assistant Commissioner of Police K. S. Rao said, “The accused introduced himself as the Chief Financial Officer for M/s NSL Sugars Ltd., and requested i-plus to provide consultancy services for identifying buyers and for rendering financial consultancy services. He then transferred an amount of Rs 65 lakh to i-plus’s account, but later explained to them that his company was in dire need of the money and requested them to return the same in cash on an urgent basis. Subsequently, he took the entire amount from them.”
“Similarly, he transferred Rs 3.03 crore to M/s Planwell Industries Corporation Pvt. Ltd. but later asked them to return the money in cash on an urgent basis under the same pretext as before. With the money that he hence acquired, he purchased a BMW, and spent the rest lavishly,” added the police officer.
The Banjara Hills police have arrested the accused under the charges of cheating and criminal breach of trust by an employee under sections 420 and 4028 of the IPC respectively and remanded him to judicial custody.
