How A 62-Year-Old Man Duped A Food Company Of Over A Whopping Rs 5 Crore

A 62-year-old man allegedly duped a food company of over Rs 5 crore by misappropriating stock items issued in the name of his firm. The man was then arrested by the police after a complaint was made regarding the matter.

62-year-old man dupes food company of Rs 5 crore

According to the police, the man has been identified as Anil Sethi, a resident of Rajouri Garden. The complaint against the culprit was registered by M/s Britannia Industries Limited, which engaged in the business of manufacturing, marketing, distributing and selling a variety of bakery and dairy products.

According to a senior police officer, it was alleged that M/s Sethi Agencies, a proprietary concern of Anju Sethi, was functioning as a carrying and forwarding agent (C&F agent) for the complainant for a very long time.

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Sethi Agencies as the C&F agent was entrusted with goods manufactured by the complainant for onward sale to various distributors and wholesalers. As per the agreement, the agency was not entitled to use, deal with, dispose of or sell the goods of the complainant in any other manner, the officer said.

Complaints from different distributors were received regarding unsatisfactory service levels and other defaults of the Sethi Agencies during the years 2018-2019. A decision was taken to transit from Sethi Agencies to a different C&F agent after the Agency got a bad reputation and the complaints kept adding up.

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Back in October 2019, a handover stock audit in the presence of all the employees of Sethi Agency was conducted. During this audit, it was found that instead of 1,83,765 corrugated boxes of fresh stock that had been entrusted to Sethi Agencies and should have been available at the depot, only 1,21,236 corrugated boxes of fresh stock were found, leading to a shortfall of 62,419 boxes, the officer said.

All the details of expired and damaged stocks were also physically available and a further shortage of 5,344 corrugated boxes was found, he said.

He worked for the business under his wife's name

Later it was also found out that Anju Sethi (the wife of the accused) was the proprietor of Sethi Agencies and her husband Anil Sethi was doing business in her name. Anju had also issued three cheques amounting to Rs 5.17 crore in the name of the complainant company in lieu of the loss caused to them but the cheques got bounced, Deputy Commissioner of Police (EOW) Jitendra Kumar Meena said.

Economic Times

Notices were submitted to Anil Sethi but he did not join the investigation.

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