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Large Financial Fraud in Trident Group Unearthed

Trident Group fails to check financial fraud in its company; large fraud unearthed

Trident Group fails to check financial fraud in its company; large fraud unearthed

Kanwar Inder Singh/ royalpatiala.in

The former Chief Financial Officer (CFO) of Trident Group Limited namely Harvinder Singh Gill alias Harwinder Singh a resident of Ludhiana district who worked with Trident Ltd from 09.09.2014 to 18.02.2022 and has been allegedly found to have embezzled funds from the company for the period between 16.04.2019 to 17.02.2022. He has worked in various companies of Trident Group for more than 34 years.

After an internal audit was done in the company, an amount of more than Rs. 8 crores in a total of 185 transactions was allegedly found transferred to the personal account of Harvinder Singh Gill alias Harwinder Singh through online Net banking. Though he was authorised only as maker of transactions, yet by fraudulently managing the One Time Passwords (OTP) of account maintained with State Bank of India Dholewal branch, G.T. Road, Ludhiana (04046) on his mobile number, he fraudulently transferred money to his personal bank accounts existing in SBI bank, Sarabha Nagar and HDFC bank, Jasdev Nagar (VPO Gill) in Ludhiana and further remitted amounts to unknown destinations / accounts. It is known that his family / sons are settled in Belgium & Canada.

He also informally acknowledged that he had never received any Notice from the Income Tax Department though amounts transferred to his account was much more than the salary.

Auditors S.C. Vasudeva & Co chartered accountants have no knowledge about the same despite them being the authorised signatories of the Balance sheets of the company.

Trident Group fails to check financial fraud in its company; large fraud unearthed-Photo courtesy-Internet
Fraud

In the meanwhile, roles of other employees and various other accounts are being checked by the company, while there is a strong feeling amongst the management that the total amount of embezzlement would increase as more clues of frauds have come to the notice of the senior management of the company.

A FIR No.259 dated 11.06.2022 has been registered at City Police Station Barnala on the complaint of Ashok Dubey, Company Secretary of the Trident Group.He is booked under section 420 (Cheating and dishonestly inducing delivery of property), 408 (Criminal breach of trust by clerk or servant),120-B (Whoever is a party to a criminal conspiracy to commit an offence ) of IPC.

Trident Group fails to check financial fraud in its company; large fraud unearthed. When contacted the Company Secretary Alok Dubey of Trident Group, his number remained switched off.

No arrests have been made so far.

June 14,2022

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