10/2/2012 1:43:00 AM
NEWS BRIEFS
Sundram Fasteners Executive Charged With Swindling Company
A Sundaram Fasteners senior executive was arrested September 30, 2012, for swindling 2.62 crore (US$655,000).
S. Venkatesan is accused of fraud starting in 2000 through 2011. He was fired a month ago after an internal audit, police told the Times of India.
Police said he was in charge of printing stationery beginning in 2000. He forged documents and made false entries.
According to the Times, Sundaram’s complaint said when Venkatesan prepared many forged payment advice vouchers he swindled 1.59 crore (US$397,500. He also made false entries of traveling advances for senior executives. He had signing authority for checks and other vouchers.
Sundaram’s audit found Venkatesan created nine fake companies in the names of his wife, family members and friends and opened bank accounts for the companies. He reportedly gave commissions to those involved. ©2012 GlobalFastenerNews.com
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