Accountant Charged with Embezzling Over ₹10 Crore from Mumbai Jewellery Firm
Accountant booked for siphoning ₹10 cr from Zaveri Bazar jewellery firm
Hindustan Times
Image: Hindustan Times
Avish Jain, an accountant at Nine Silver Jewellery in Zaveri Bazaar, Mumbai, has been charged with embezzling ₹10.23 crore from the company. The Economic Offences Wing's investigation revealed that Jain manipulated financial records to hide his theft, which included missing silver and fraudulent transactions.
- 01Avish Jain embezzled ₹10.23 crore from Nine Silver Jewellery.
- 02He manipulated software records to conceal his actions.
- 03146 kg of silver and 47 kg of fine silver were reported missing.
- 04The case is based on a complaint from the company's owner, Abhishek Shah.
- 05Charges include criminal breach of trust and cheating under Indian law.
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Avish Jain, an accountant at Nine Silver Jewellery located in Zaveri Bazaar, Mumbai, has been accused of embezzling ₹10.23 crore from the firm. The Economic Offences Wing (EOW) launched an investigation after Abhishek Shah, the company's owner, reported discrepancies in financial records. Jain, who was hired in 2017, began overseeing the company's software and stock entries in 2020. Shah discovered that 146 kg of silver and 47 kg of fine silver were missing from the records, alongside manipulated transaction entries. The investigation revealed that Jain transferred funds to accounts belonging to his relatives and friends, with significant losses linked to various jewellers. The police have filed charges against Jain and his brother, Alish Jain, under sections of the Bharatiya Nyaya Sanhita, 2023, for criminal breach of trust and cheating.
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This incident highlights potential vulnerabilities in financial oversight within small businesses, prompting a need for stricter internal controls.
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