In a major corporate fraud case, Nacharam police have arrested two employees of Neon Metal Crafts, a Mallapur-based private firm, for allegedly misappropriating over Rs2.1 crore by creating a shell company and manipulating internal financial documents.
The accused, identified as:
MNS Bhushan Reddy, Operations Manager
D Srinivas, Accountant
…allegedly violated company regulations by establishing a parallel firm named Adinath Industries. Police reports confirm that the duo generated fake sales invoices and work orders in Neon Metal Crafts’ name, diverting approximately Rs35 lakh directly into Adinath Industries’ bank account through online transfers.
The total fraudulent misappropriation has been estimated at Rs2.1 crore. A case was filed after the company owner lodged a formal complaint, prompting an immediate investigation and subsequent arrest of the two employees.
In a related development, Hyderabad police are also investigating a massive Rs4,215 crore scam involving the Falcon Invoice Discounting Application platform, which duped 7,056 depositors by luring them with fake investment schemes under the guise of reputed multinational firms. Initial reports show that 4,065 victims suffered losses totaling Rs792 crore.
The accused used forged investment documents and promised high short-term returns to swindle investors. One suspect’s younger brother, Sandeep, allegedly fled to Dubai, later re-entering India illegally via the Nepal border before settling in Danapur, Patna.
