SIES duped over fixed deposits

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Mayur Joshi
Mayur Joshi
CA Mayur Joshi is award winning fraud examiner and foremost forensic accountant. He is regularly quoted in various news papers and is author of atleast 7 books on Forensic Accounting, Money Laundering and Compliance.

South Indian Education Society (SIES), Sion, complained that Mohammed Faish, Chairman of Showman group and owner of a chain of Sheesha lounges duped the trust of Rs 58 crore.

The scam came to light when Bank of India (Taloja branch) officials got in touch with SIES to check whether the trust had asked for cash credit. The bank informed SIES that Rs 5.52 crore has already been withdrawn using the cash-credit facility.

SIES duped over fixed deposits

Upon this, SIES officials checked with other banks and found that a huge amount of money has been siphoned off.

Faish’s modus operandi was like this. He used to approach trusts like SIES, promising higher returns for fixed deposits. He would park that money in a bank and give a forged FD certificate to the trust and keep the original with himself. Faish would then use the original to avail cash credit from the bank.

Apart from Faish, the EOW has also arrested Aneel Pawar and Santosh Ghadge and it’s looking out for one Roy Joseph, who is also a suspect in the case.

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