MUMBAI: Officials investigating the Rs 170 crore cheating case involving a couple, both deputy directors of United India Insurance Company Ltd, discovered that Khushal Singh paid more than Rs 7 crore to a software development company for create educational software that he planned to use for commercial purposes. Police also alleged that he reserved 72 apartments and business units and paid Rs 100 crore to developers in Gurgaon, Noida, Delhi, Ghaziabad and Jaipur.
On June 28, the Economic Crimes Wing (EOW) arrested Khushal (38) and his wife Neelam (33) from Pune. Khushal worked in the accounting department, while his wife was deputy director of IT at the insurance company. Jaideep Sinha, deputy managing director of United India Insurance, had filed a complaint against the Singhs and others with the Marine Drive police. The case was then transferred to the EOW.
Investigators set up an escrow account to collect the money Khushal transferred to developers and others. “The money recovered will be returned to the complainant’s business,” said an officer. To date, Rs 10 crore has been returned to the escrow account by four developers in Gurgaon. Police said they found over Rs 11 crore in a single account Singh transferred money to. “The account has been frozen,” added the officer. About 70 bank accounts have been frozen to date.
While Khushal reportedly reserved dozens of properties, Neelam signed several property documents. “Khushal was the signing authority on three accounts of the insurance company and he reportedly transferred around 170 crore rupees to various accounts. Neelam is one of the beneficiaries,” a police source said. The couple are currently in custody. on sight.
A police team, led by Joint Police Commissioner (EOW) Niket Kaushik and Senior Inspector Mandar Lad, are investigating the case.
Attorney Aashutosh Srivastava, attorney for the Singhs, said: “There are insignificant and insignificant allegations against Neelam in the FIR. As for Khushal, the case is still under investigation and nothing has been proven so far and it seems he has become a scapegoat. The chances of a conspiracy against him by senior management cannot be ruled out at this point given that all of these online money transfers were approved by the two higher authorities after Khushal and that he did not have such absolute power to transfer funds only.