Blank cheques, fake ledgers: Sanji Group AGM arrested over Tk16.62cr embezzlement

The Criminal Investigation Department (CID) has arrested Sanji Group's Assistant General Manager (AGM) Partha Sarathi Haldar over the alleged embezzlement of Tk16.62 crore from the company through blank-cheque fraud, diverted customer payments and falsified accounting entries.

Partha was arrested around 1:10am today (13 October) from West Rajabazar in the capital, according to the CID.

Speaking to The Business Standard this afternoon, CID Special Superintendent of Police (Media) Sufi Ullah said the case is under investigation and that the department is taking legal steps to identify others involved and trace the money.

Partha admitted his involvement during preliminary questioning, the CID official said.

The investigation is continuing to establish the full facts of the case, he added.

How the alleged scheme worked

According to the case statement and CID investigation findings, Partha and other accused allegedly embezzled company funds through collusion while working at the company.

The case statement states that the accused used blank cheques bearing the company owner's signature, changed the payees' names, and transferred the money to their personal bank accounts.

They also allegedly collected cash from customers but did not deposit it into the company's accounts. Other alleged methods included transferring money to personal accounts through bank transfers and the real-time gross settlement (RTGS) system.

The complaint further states that fake ledger entries were created in the company's software to show that customers had paid their dues.

But a review of bank statements and customer-wise accounts found that the corresponding money had not been deposited into the company's bank accounts, according to the case statement.

The company filed the case with Vatara Police Station in Dhaka on 4 December last year. The case, numbered 13, was filed under Sections 408, 420, 468, 506 and 34 of the Penal Code.

CID traces alleged diversions through bank accounts

CID investigators said that Partha embezzled Tk2,27,22,897 by depositing and transferring money collected from various customers through his BRAC Bank account.

Investigators found evidence of manipulated cash collection records, fake ledger entries and the use of two NRBC Bank accounts, according to the case statement.

The CID also found preliminary evidence that Partha had embezzled Tk65,07,950 from another Sanji Group concern, Panama CNG Conversion, using a similar method, it added.

According to investigators, Partha allegedly embezzled around Tk9,53,25,839 on his own through cheque forgery and fraud at different times.

The case further states that, in collusion with other accused, Partha collected cash and blank cheques from customers and later inserted payee names of their choice to withdraw or transfer the money.

The total amount allegedly embezzled through these methods was Tk16,62,41,215.

Earlier, on 16 September, the CID arrested Saiful Islam alias Jony, 37, and Syed Arab Ali, 52, in connection with the case from the Shantinagar intersection area of Dhaka.