EOW clocks over Rs 2,000 cr worth of embezzlement cases since 2019
new delhi: While financial crimes running into tens of thousands of crores are registered every year in the country, the Economic Offences Wing of the Delhi Police is probing embezzlement cases worth over Rs 2,000 crore, registered since the beginning of last year, where employees ended up siphoning off funds from their employers or misappropriating their employers' money. Interestingly, these cases include alleged embezzlement in both private and government entities.
According to data accessed by Millennium Post, as many as 11 cases were reported last year, where employees were involved in cheating their respective organisations whereas this year till August, only four such cases have emerged. The fraud amount reported last year came to approximately Rs 2,000 crore and this year so far, the amount has added up to over Rs 35 crore.
After detailed probes by the EOW, they have arrested more than a dozen people involved in these cases. "Most of the cases were related to private companies," one official said. According to the official, "The most common reason is improper monitoring of employees which results in such kinds of frauds. It is very important to exercise close supervision and cross-verification of outsourced employees."
There are also some cases where connivance with outsiders cannot be ruled out. In August, the EOW had arrested a 34-year-old man, who was allegedly involved in the disbursement of fake loans and siphoning off more than Rs 23 crore from Hinduja Leyland Finance Ltd allegedly in connivance with officials of the company. As per the official, during the investigation, it was revealed that the accused and other officials of Hinduja Finance who were supposed to source genuine proposals of applicants seeking loans against properties had misused their positions to obtain loans based on fake property documents. The company had reported the fraud to the police.
Joint Commissioner of Police (EOW) OP Mishra told Millennium Post that the basic idea should be to maintain a strong internal vigilance system. Every company has an internal mechanism to check any kind of misappropriation and they should regularly keep tabs on activities of their employees, he added.
"Their alertness, their surveillance is very much important. They should check whether their employees are following guidelines or not. Companies should adopt and encourage various processes online. The transactions should be on electronic platforms which will reduce the interface of middlemen, increase transparency and ultimately curb malpractices and corruption. Regular inspections, surprise checks and closer supervisory interventions will go a long way in preventing such cases," Joint CP Mishra said.
According to data from the Economic Offences Wing of Delhi Police, in 2018, about 272 cases related to white-collar crimes were reported in the city whereas an increase was seen with 392 such cases last year. This year so far, 117 white-collar crime cases have been registered by the EOW.
