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Bengaluru: Four including DGM arrested for cheating Manipal Group of Rs 62 crore


Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Jan 8: Police personnel of Cubbon Park station here have arrested four persons, who have been accused of misusing about Rs 62 crore belonging to Manipal Education and Medical Group (MEMG).

The arrested persons happen to be Sandeep Gururaj (38), who was deputy general manager (DGM) of MEMG, his wife, Charusmita (30), resident of Dr Shivaram Karanth road in Chikkakallasandra here, Meera Changappa (59), resident of Koramangala seventh block main, and her daughter, Amrita Changappa (32).

The police have issued lookout notice for the arrest of Vishal Somanna, son of Meera Changappa, who is currently serving as pilot in Qatar Airways.


Sandeep Gururaj and Charusmita 

During the audit of company accounts, it had transpired that Sandeep had siphoned off funds to the bank account of his wife from the accounts of Dr Ranjan Pai, chairman of MEMG, his wife, Shruti Pai, and accounts of the company. A detailed scrutiny put the quantum of misused funds at Rs 62 crore. After the chief executive officer of the company filed complaint, the police registered a case, conducted probe, and arrested four accused.

The police have frozen the bank accounts of main accused, Sandeep Gururaj, and other accused. Rs 1.81 crore found in the account of Sandeep has been frozen. A senior official said that the police have also accessed documents relating to property and vehicles owned by Sandeep.

Sandeep was working in the said company since the last 15 years. He misused the trust reposed on him by the company and its top officials, and transferred different sums to the accounts of his wife, Charusmita and friend, Vishal Somanna, currently living in Doha, over a period of three years, deputy commissioner of police, D Devaraja, stated. Rs 18.87 crore which was transferred to Vishal Somanna's bank account was invested in FC Prime and A V Private Ltd. Investment of Rs 10.35 crore was done in the name of Pinnacle Asset Investment .

Devaraja said that auditing of the company accounts could not detect the fraud for three years, as insiders who were involved with it succeeded in concealing the fraud. Sandeep did not heed to the instruction given to him to close down DMCC Company at Dubai owned by MEMG. The police said that illegally he transferred Rs 10.35 crore to this company with the intention of defrauding the parent company.

Vedant General Trading, FC Prime Markets, A V Private Ltd and Pinnacle Asset Investment Company were set up in Dubai by Sandeep through Amrita's brother, Vishal Somanna. He also opened Sanctum Share Market company in the name of wife, Charulata, and illegally transferred funds to that company's accounts, they explained.


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Comment on this article

  • suhail mangalore, Mangalore

    Tue, Jan 8 2019

    Long back ago Manipal group cheated and duped many investors , Jaisey Karney waisey barni...
    As you sow,so shall you reap

    DisAgree [1] Agree [5] Reply Report Abuse

  • CA Ranganatha Achar, Udupi

    Tue, Jan 8 2019

    The fraud at Manipal Ranjan Pai group raises too much doubts about the authenticity of fraud going undetected for the past 3 years, since I am familiar with UAE , Qatar & Indian regulations let me make it very clear that KYC procedures are stringent in all the 3 places UAE, Qatar & India and it”s not so easy to establish an entity, minimum of 300,000 AED Capital is required with a prescence of a local partner In 51:49 Ratio excluding FTZ.

    Treasury involves so many activities, first and foremost, GL is prepared by the Accounts Department to book an invoice with a Dr & Cr entry, and on the due date the supplier is paid and Bank credited which will reflect in the Bank position, so what about monthly BRS, confirmation advise to be booked in Accounts from the Bank and here we are talking about Crores of rupees and I am sure Manipal group must be having stringent rules and regulations for payments.

    3 Years and no trace of fraud, man they have poor monitoring and very bad management if I were to take the case on a face value.

    DisAgree Agree [18] Reply Report Abuse

  • Rita, Germany

    Tue, Jan 8 2019

    Cant believe in this digital times ,so many crores were lifted up before three years were not found by auditors.who is here the real auditors and who was the credit Hai?when few rupees are missing bank sends notice or warning,next day will be his house and assets are sold or blocked.here for three years ?bad dreams to auditors and good days for uplifters.They are in UAE?or already in canada?

    DisAgree Agree [8] Reply Report Abuse

  • Honnappa, Byadagi

    Tue, Jan 8 2019

    Bali ka bakra. His masters made him to do illegal things then wash off hands when law enforcement authorities swoop on them. The guys who are known to keep pai se pai se account of their money, how cannot know when crores are being sent out.

    DisAgree [1] Agree [27] Reply Report Abuse

  • vivia pinto, mangalore/Calgary

    Wed, Jan 9 2019

    H B you r rite this is inside job with blessings

    DisAgree [1] Agree [4] Reply Report Abuse

  • Navin Shetty, Manipal/ Bahrain

    Tue, Jan 8 2019

    How come none in the finance team or management haven’t noticed such a huge transaction. ERPs are common in all the major establishments and it is a best practice in all the ERP implementation that each transaction needs to be authorized by head of the company, there are some exceptions for some amount finance team can authorize themself but crores of rupees without any approval?? - you are kidding me...

    Looks like sab mile huye hain ji... wait and watch more names will surface...

    DisAgree [1] Agree [37] Reply Report Abuse

  • nitin, kodagu

    Tue, Jan 8 2019

    manipal group reputed for education and health could not find out such a huge fraud for such a long period

    DisAgree [1] Agree [28] Reply Report Abuse

  • Dinesh, Udupi

    Tue, Jan 8 2019

    Nothing astonishing.
    Yenneda Laabha.... pondu...

    DisAgree [1] Agree [23] Reply Report Abuse

  • jose, Mangalore

    Tue, Jan 8 2019

    They are followijg their Masters who looted crorores and fled from India. May be these people were planning to join the already fled people in Britain, Africa etc. Its really ache din for them.

    DisAgree [3] Agree [18] Reply Report Abuse

  • Dylan, Mangalore

    Tue, Jan 8 2019

    Foolish fellow just like the auditors from Harshad Mehta, Ketan Parehk and etc. Rob in small amounts take in only two fingers if you take in full hands you will be trapped foolish fellow. Thought he was smart being a auditor but never dreamt of being caught. He might have had a banker, external auditors backing or idea.

    DisAgree [3] Agree [13] Reply Report Abuse

  • Eric C, Mangalore/Amsterdam

    Tue, Jan 8 2019

    A lot of rich people cultivate such decoys to peddle their black money through benami assets. When caught, decoys could be made scapegoats to get rid of law enforcement from its tail. One statement in the story gives an impression that there is more than what meets the eye - "Sandeep did not heed to the instruction given to him to close down DMCC Company at Dubai owned by MEMG". People are not substantially interested in private activities. But, I am sure ED/IT are on it.

    DisAgree Agree [25] Reply Report Abuse

  • Monty Dotor, Mangalore

    Tue, Jan 8 2019

    The auditors also should be taken to task. Role of bankers should be investigated.

    DisAgree [1] Agree [32] Reply Report Abuse

  • Mahathma, Mangalore

    Tue, Jan 8 2019

    All gotalas are coming out and exposed in these four hand half years!!! Na khaunga na khane dunga?

    DisAgree [11] Agree [42] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Tue, Jan 8 2019

    Actually cannot understand that in this age of online banking alerts, notifications and complete information on click of button, this could still happen. Looks like Manipal Group did not recruit stringent auditors or could have the internal auditors colluded with this fraudster?

    DisAgree [1] Agree [43] Reply Report Abuse

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Title : Bengaluru: Four including DGM arrested for cheating Manipal Group of Rs 62 crore


 
 
 
 

 
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