Bengaluru JP Morgan staffers arrested for siphoning off Rs 12 crore from company

After a 10-day manhunt, Maruti was nabbed from Chennai's Marina beach.
Bengaluru JP Morgan staffers arrested for siphoning off Rs 12 crore from company
Bengaluru JP Morgan staffers arrested for siphoning off Rs 12 crore from company
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After a 10-day manhunt, a team of Bengaluru Police swooped on Maruti, alias Ramesh Chengappa who had been on the run and nabbed him from Chennai’s Marina Beach. The 22-year-old class 10 dropout had used fake documents to get himself a job at JP Morgan group in Bengaluru and had allegedly managed to siphon off Rs 12.15 crore from the company.

Maruti is accused of looting Rs 12.15 crore with the help of a colleague, Suresh Babu. Upon interrogation, the police recovered Rs 8.14 crore lodged in a bank account that was opened using fake documents.

“We also found three-acre land in Doddaballapura, a multi-storeyed building in Kothanur and gold and silver ornaments worth Rs 31 lakh purchased with the stolen money,” said DCP Whitefield Abdul Ahab.

“His alias is Maruti and he is an expert in forgery. He started used a fake SSLC certificate in the name of Ramesh Chengappa and created supporting documents using that identity. He got himself employed in the accounts department of JP Morgan Group,” DCP Abdul Ahab added.

Maruti is a native of Karnataka’s Tumakuru district and had been working in the company since 2012. Police say that he gained the trust of most of his employees before planning the heist.

“He came up with the plan to embezzle the company with the help of his colleague Suresh Babu, who worked in the same department. His colleague helped him to illegally divert money online and transfer it to a private bank account,” DCP Ahab said.

Suresh allegedly opened the bank account using fake identity documents provided by Maruti. 

Pollice said that the company came to know of the embezzlement only in August and it tried to recover the money from them at the time.

“But both of them escaped. The money was transferred to a bank, whose branch was based in Hennur. Later, that money was transferred to another account opened by Maruti in the name of Ramesh Chengappa. Maruti had transferred some of that money to his father and also relatives,” DCP Ahab added.

Police also said that officials of the private bank will be questioned for negligence and will examine if they had not notified the RBI or monitored the flow of money from Maruti’s account.

“Suresh Babu was arrested from Kolar earlier this month. The company is cooperating with us for the investigation,” the DCP said.

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