Ex-employee held for misappropriation of funds

New Delhi: The Delhi Police's EOW recently arrested the former general manager of a private firm for alleged misappropriation of funds of over Rs 2 crore using shell companies registered in the names of his family members, police said on Wednesday. The accused has been identified as Nitin Sainger, and a case was registered based on the complaint of a company official.

The complainant firm publishes more than 35 custom magazines —12 in-flight magazines, in five countries, including India, Bangladesh, Kingdom of Bahrain, UAE, and Singapore. In its complaint, the firm alleged that then general manager of the international sales division Nitin, in collusion with his wife Sandhya Singh, father Yogendra Singh Sainger and sister-in-law Sushma Singh "dishonestly and intentionally'' created false documents and together misappropriated funds of the company.

A senior police official said Nitin misappropriated funds of the complainant firm by routing them via three shell companies registered in the name of his family members — Global Media LLC, PR Communique and Media Friends.

Joint Commissioner of Police of EOW, Chhaya Sharma added, "The modus operandi of Nitin Sainger was to misrepresent to the clients and the representatives of the complainant company vide his official email id that the above said three companies were the international representatives of the complainant company. Once he received advertisement orders from the clients, he used to take payments in his shell companies and forward these orders to the complainant company through false invoices after siphoning huge margins from these payments."

"The accused have cheated the complainant company to the tune of around Rs 2.25 crore till date. "Nitin, in violation of his employment contract, indulged in activities which conflicted with the interest of the company and in conspiracy with other accused persons used the company's resources for his personal use,'' Sharma said.