Four arrested for Rs 17 crore embezzlement from real estate company

NT Correspondent, Bengaluru: Four individuals, including Harikrishna Reddy, Superintendent of Messrs Propcare Real Estate Company, have been arrested for allegedly embezzling Rs 17 crore from the company. The group allegedly used the company’s banking credentials for unauthorized online transfers. The embezzlement was uncovered after the company’s director, Methuku Srinivas, reported it to the Central Crime Branch (CCB).

Investigations revealed that small amounts of money were transferred to over 100 pub owners and managers, who then used the funds for meeting personal expenses. Police have seized gold ornaments and property documents from Reddy, believed to have been purchased with the stolen funds. The investigation has traced some of the embezzled money to pubs in Goa and Mumbai, suggesting possible involvement of the pub owners.