Society Manager Forged Panel Members’ Signatures, Embezzled Over ₹1 Crore in Mumbai

In a startling case of financial fraud, Inicet Elias, who used to manage the Readymoney Premises Co-operative Society in Worli, Mumbai, has been charged with allegedly forging signatures of the society’s office bearers and embezzling ₹1.03 crore from the society’s bank account. The society, which consists of 56 commercial units, uncovered the discrepancies after a cheque bounced due to signature mismatches back in December 2024.

 

As detailed in the FIR filed by the society’s secretary, Elias opened a bank account under the name of Dinesh Khawariya, the husband of a cleaner working in the building, using forged documents. He linked his own mobile number to this account and funneled the funds for his personal use by issuing forged bearer and crossed cheques without the knowledge or consent of the society officials.

 

The fraud was exposed when the secretary received alerts from Canara Bank regarding bounced cheques and unauthorized withdrawals. An investigation revealed multiple unauthorized transactions. The Worli police have filed an FIR against Elias, charging him with criminal breach of trust, cheating, and forgery. As of now, the accused has not been arrested, and the investigation is ongoing.

 

Senior Inspector Nilesh Patil confirmed that the case has been registered and stated that the police are actively looking into the situation. Meanwhile, the society members are calling for strict action to recover the embezzled funds and to implement tighter financial controls moving forward.

 

Source: Indian Express, Free Press Journal