‘Conman’ HR Manager who, kept ‘paying’ two ex-employees, arrested for Rs 95 lakh fraud

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New Delhi | January 16, 2019 6:04 PM

Borade also filed a counter complaint at the Charkop Police Station alleging atrocities such as humiliation and discrimination by owners. Borade then applied for bail in lower courts as well as the Bombay High Court but his plea was rejected in both. He finally surrendered to the police on Friday

An HR manager has been held by the MIDC Police last week in a case of cheating. The accused has been identified as 55-year-old Nitin Borade who was the Human Resource (HR) manager at a textile company and had been working there since 1992.

The 55-year-old is said to have pilfered Rs 95 lakh in total from the company owners. Borade had been using the accounts of two former employees to direct their ‘salaries’ into his own account. As per a report in DNA, the HR manager was responsible for the salaries of 60 employees besides making welfare fund bills and other issues related to the Human resources. All the account-related issues were dealt after Borade took final consent from the senior accountant to credit the salaries of employees.

Initial investigation revealed that Nitin Borade taking advantage of his HR privileges forged signatures using Photoshop of the directors and ‘paid’ salaries to two ex-staffers of the company and kept encashing cheques in their name and channeling that money into his private account. The matter came to light when some internal audit reports did not add up and the owners, father-son trio – Rajan, Karan and Kabir Sehgal – who ran the textile factory in Thane.

Borade was then confronted by the owners and later confessed that he only embezzled for two months as he was facing a rough phase. The owners finally got to know that Borade had not removed the names of two former employees in the list and kept encashing their salary cheques.

Using this method, Borade was successful in siphoning off close to Rs 16 lakh in a period of 2011 to 2018 alone, senior police inspector from the MIDC Police Station, Nitin Alaknure was quoted as saying.

The bank which held the company’s accounts saw Borade as an old ally of the organization and had no doubts over him as he was part of the company for the last 27 years. Large amounts were handed based on bearer cheques, revealed the Police in the report.

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 Seeing the seriousness of the fraud, the owners registered a formal complaint in early December 7, 2018 and were letting 55-year-old Borade give back the embezzled money in installments. In addition, three other employees including the chief accountant, head accountant and the accounts assistant are also under suspicion for taking part in the fraud.

According to the DNA’s report, Borade also filed a counter complaint at the Charkop Police Station alleging atrocities such as humiliation and discrimination by owners. Borade then applied for bail in lower courts as well as the Bombay High Court but his plea was rejected in both. He finally surrendered to the police on Friday and was charged with various sections that include 408, 420, 465, 467, 471 and 34 of the Indian Penal Code (IPC). The HR manager has now been remanded until Wednesday and further investigations are underway, said senior police inspector from the MIDC Police Station, Nitin Alaknure.

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