Hyderabad: Two people arrested on charges of fraud in a private company

Hyderabad: Nacharam police have arrested two men working in a private company in Mallapur for allegedly cheating the company and misusing funds worth Rs 2.1 crore. The suspects have been identified as MNS Bhushan Reddy, operations manager, and D Srinivas, accountant of Neon Metal Crafts, who allegedly set up another company named Adinath Industries, contrary to the provisions of that company.

According to the police, the duo prepared fake sales invoices and work orders in the name of the company they were working for and illegally transferred about Rs 35 lakh online from the bank account of Neon Metal Crafts company to the bank account of Adinath Industries. They have misappropriated about Rs 2.1 crore in the name of work orders. Based on a complaint lodged by the company owner, the Nacharam police registered a case, investigated and arrested the suspects.