PANAJI
In a breakthrough in the long-pending multi-crore financial fraud case, Goa police have arrested a Sahara India official who had been absconding for eight years and was allegedly living in disguise as a sadhu to evade arrest.
The accused, identified as Y Raghuveer, a former branch manager of Sahara India in Vasco, had been on the run since the registration of a case in 2018.
The Economic Offense Cell (EOC) said he altered his appearance, adopting the attire and lifestyle of a sadhu, in an apparent attempt to avoid detection.
The case was registered on February 17, 2018, at EOC based on a complaint filed by A K Tripathi, then Zonal Chief of Sahara India, Hyderabad.
As per the complaint, Raghuveer, along with co-accused K Y Sharif, cashier, and Md Zakir Khan, a field worker, allegedly entered into a criminal conspiracy and misappropriated company funds over a prolonged period.
Police said the accused persons allegedly manipulated financial records at the Sahara India office in Vasco by falsifying day books and other accounts, and by making fraudulent entries. The alleged fraud spans transactions between September 30, 2004, and November 6, 2019.
EOC revealed that the accused misappropriated funds amounting to over Rs 7.30 crore from various Sahara group entities, including Sahara India, Sahara Credit Cooperative Society Limited, and Sahara India Financial Corporation Limited.
"The accused also allegedly created 273 fake accounts without actual deposits and processed fraudulent maturity payments through bank accounts, besides generating forged loan applications for multiple account holders to siphon funds," said the police.
Further, police said forged signatures and fabricated records were allegedly used to withdraw additional amounts, while certain recovery sums were re-routed and misappropriated. The total misappropriation in the case is estimated at Rs 6.69 crore.
The offence is being probed under sections 409 (criminal breach of trust), 420 (cheating), 465, 467, 468, and 471 (forgery-related offences), along with 120B (criminal conspiracy) of the IPC.
Police said further investigation is underway and efforts are on to trace the remaining accused and financial trail.
