A 38-year-old manager, Vinay Negi, was arrested for allegedly defrauding his employer of Rs 3.2 crore by siphoning off loan disbursals meant for clients into his and an associate’s bank accounts. Negi, who worked at a Delhi-based financial advisory firm, manipulated transaction records to falsely indicate completed client loans, while the funds never reached the intended recipients.
The fraud was uncovered when clients reported not receiving the loan amounts despite official records confirming disbursal. A thorough audit revealed that the funds were rerouted into three accounts — two held by Negi and one by Amit Bhandari, his associate who is currently absconding.
DCP (EOW) Amit Verma stated, “Clients confirmed they had not received the funds. Subsequent investigations identified the diversion of money into unauthorized accounts.” Surveillance and police inputs led to Negi’s arrest on May 8.
Though initially estimated at Rs 3.2 crore, investigators believe the total defrauded amount could be closer to Rs 5 crore. Negi, a Ghaziabad resident and bachelor’s degree holder, reportedly used the embezzled money to finance high-risk stock market investments. Bank accounts linked to Negi and Bhandari were allegedly used for laundering the illicit funds.
Police have registered a case under the Bharatiya Nyaya Sanhita (BNS) covering cheating, criminal breach of trust, and misappropriation. Search operations continue to apprehend Amit Bhandari.
