Factory employees booked for Rs300m embezzlement

KARACHI:

The owner of a dry batteries manufacturing factory in Kotri SITE area in Jamshoro district has accused three employees of defrauding over Rs300 million.

Asif Memon, owner of Bridge Power Batteries which is registered as Rainbow Hitech Engineering Private Limited, has nominated the general manager Harris Jamshed, accountant Khurram Hussain and sales executive Atif Wasee in the FIR for the alleged embezzlement.

The FIR was lodged at Kotri police station under sections 408, 467, 468 469, 470, 471 and 420 of Pakistan Penal Code.

Memon alleged that the accused persons opened five fake bank accounts and also used fake letterheads of the company for illegal transactions.

According to him, the nominated accused collected around Rs700 million from the dealers who bought batteries from the company through five accounts during a period from 2015 to 2021. A part of the collected sum was deposited in the company’s original account but Jamshed allegedly embezzled around Rs300 million from the collected revenues.

The owner alleged that the former general manager bought two residential properties in Shadman Town in North Karachi, Rs84 million worth of shares in another industry in Kotri SITE area and two imported SUVs. One of the vehicles was bought on the company’s name without informing the owner.

That vehicle was later allegedly transferred on the name of Jamshed’s sister. Memon claimed that the accused has also not returned a 1,000cc vehicle of the company which was under his use when he worked as the GM.

Published in The Express Tribune, February 5^th, 2023.