Mumbai EOW arrests accountant, wife in ₹11 crore fraud at city firm after 15-day manhunt

The Economic Offences Wing (EOW) of Mumbai Police has arrested Girish Champaklal Dave and his wife Yashika Girish Dave for their alleged role in a ₹11 crore financial fraud involving Mumbai-based M/s C.N. Sanghvi & Company (Forward) Pvt. Ltd., officials confirmed.

The couple was arrested from their residence in Bhayander (West), Thane district, following technical surveillance, call data analysis, and intelligence inputs, bringing an end to a two-week interstate search operation.

How the accused tried to evade arrest

Police officials said the accused were on the run for nearly 15 days, with teams tracking their movements across Rajasthan and Jaipur under the supervision of Senior Police Inspector Nitin Patil.

During this period, the couple allegedly kept their mobile phones switched off to avoid detection and later shifted houses within Bhayander in an attempt to mislead investigators.

Based on Call Detail Record analysis and confidential sources, police traced them to Room No. 504, Raghuleela Building, near Maxus Mall, Uttan Road, Bhayander West. A raid was conducted, and both were taken into custody after Aadhaar-based identity verification. Their relatives were formally informed as per procedure.

Trusted employees accused of large-scale misappropriation

According to the complaint, the fraud was allegedly carried out by three trusted accountants employed by the firm.

• Girish Dave joined the company in 2012

• Vishwajeet Shinde in 2013

• Wilson John in 2014

All three were entrusted with sensitive financial operations.

Investigators said the alleged misappropriation began after the company adopted mobile banking services in 2021. The accused are suspected to have misused transaction OTPs to transfer company funds into personal bank accounts without authorisation.

₹8.68 crore siphoned, funds routed through wife’s account

Police said Girish Dave allegedly siphoned off ₹8.68 crore from the firm’s bank account.

Of this amount, ₹3.46 crore was transferred directly to the bank account of his wife, Yashika Dave, investigators revealed. The EOW has also identified multiple beneficiary accounts, with fund trails still being examined.

Officials said the accused have so far given evasive responses during questioning about the final use of the money and the involvement of other beneficiaries.

Why custodial interrogation is crucial

According to the EOW, <u>custodial interrogation is essential</u> to:

• Trace remaining accused and accomplices

• Identify and freeze beneficiary accounts

• Determine how and where the diverted funds were invested

• Recover misappropriated company money

The investigation remains active, with financial forensics teams analysing banking and digital transaction records.

Charges and legal provisions invoked

The accused have been arrested under Sections 47 and 48 of the Bharatiya Nagarik Suraksha Sanhita, 2023. The offence also attracts Section 316(5) of the Bharatiya Nyaya Sanhita, which provides for punishment of up to 10 years’ imprisonment.

Police are expected to <u>seek further custody of the accused</u> to uncover the full scope of the fraud.

Why this case matters

The case underscores the rising threat of insider fraud in the digital banking era, where OTP-based systems can be exploited by trusted employees if internal controls are weak.

Experts say the case is a reminder for companies to strengthen transaction monitoring, access controls, and internal audits, especially as firms increasingly rely on mobile and online banking platforms.