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.