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The Powai police has arrested a chartered accountant (CA) for cheating the owner of a leading pharmaceuticals company, Genom Biotech Pvt Ltd, of Rs 40 lakh. After the fraud, the accused had resigned from his job to avoid getting caught, said the police.

The 34-year-old chartered accountant, Rajesh Ranjan, and the owner of GBPL at Hiranandani Powai, Ram Bali Singh, are both natives of Bihar. The two were introduced to each other by a common friend. The bond between the two grew over the years, especially when Ranjan went out of his way to take care of Singh’s wife, who had been suffering from cancer. After a point, Singh trusted Ranjan with his business as well as family matters.

A few months ago, when Singh’s wife was admitted to a hospital, Ranjan went to great lengths to help them, cementing their existing bond.

But in February, after Singh’s wife died during her treatment in Bihar, things changed. An unsuspecting Singh, who had been in the process of buying a plot of land in Panvel, left his power of attorney with Ranjan while he rushed to Bihar to perform his wife’s last rites.

Ranjan misused the power of attorney to withdraw Rs 18 lakh by a self cheque. After that, he transferred an additional Rs 21.43 lakh to his account and his wife’s account, in six transactions. But realising he might get caught, Ranjan resigned from the job as soon as Singh returned from Bihar.

According to the police, Singh then appointed a new CA. It was the second CA who discovered the fraud. Singh confronted Ranjan but he denied the allegations outright. Singh then lodged an FIR against Ranjan at Powai police station in March 2009. The police arrested Ranjan last week, after conducting their investigations in the case.

“We arrested Ranjan after investigating and verifying all documents. He is now in judicial custody,” said R N Rupwate, senior inspector at Powai police station. 

Rajesh Ranjan misused the power of attorney that his boss had given him, to withdraw the money

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0 Comments

  1. CA RAJENDRA KARAMBELKAR says:

    THIS AUDACIOUS AND SHAMEFUL CONDUCT OF CA RAJESH RANJAN NEEDS TO BE CONDEMNED BY ONE AND ALL. HE NEEDS TO BE GIVEN THE STRICTEST AND HARDEST PUNISHMENT NOT ONLY BECAUSE HE HAS DEFRAUDED HIS EMPLOYER IN COMPLETE BREACH OF TRUST REPOSED IN HIM AS AN INDIVIDUAL BUT HE HAS BROUGHT SHAME TO OUR NOBEL PROFESSION AND FURTHER TARNISHED THE IMAGE OF C.A.s AS A PROFESSION .

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