NSL Sugars CFO arrested for embezzlement

Hyderabad: Banjara Hills police on Wednesday arrested a person on charge of cheating a company in which he worked to the tune of Rs 3.68 crore. The accused was identified as Bala Srinivas Rao. The police claimed to have seized a car and a mobile phone from the possession of the suspect.

According to the Banjara Hills police, on April 18 Y Madhu Babu, Assistant General Manager for NSL Sugars Limited, lodged a complaint, stating that Srinivas Rao, who worked as Chief Financial Officer for the company, had the firm to the tune of Rs 65 lakh.

Acase was registered against the suspect under sections 408 and 420 IPC. Later, complainant had found that the accused had also cheated them to the tune of Rs 3.03 crore apart from Rs 65 lakh. Police said the suspect had hatched a plan to misappropriate company's funds for his personal benefits.

As part of his plan he requested a private company to render financial advisory services and later transferred Rs 65 lakh funds belonging to the company and asked it to return it in liquid cash. Likewise, he did the same with one more company in which he transferred Rs 3.03 crore. The accused spent money in buying a costly car and for leading a lavish life, the police said.