Fraud Done By Staff

Hi Ranjan, are you a collection guy or an HR person? As per RBI/banks guidelines, any internal/external theft has to be reported within 24-48 hours to the local RBI body. If the sum involved is 15 lakhs, then the matter cannot be overlooked. It becomes the duty of the NCM (National Collection Manager) to handle such cases. Following their instruction, the RCM/ACM would have likely initiated a police complaint. If the individual is from a collection agency, the agency is responsible for refunding the entire amount as per the customer's cash memos; otherwise, they could face legal consequences under economic offenses. Your NBFC can share this information with the local RBI body and other banks (IBA).

These situations are common in collections, and both banks and the police are aware of such occurrences. However, it is surprising that a single person could collect 15 lakhs in a day at an NBFC where loan sizes and EMIs are usually low. What kind of EMIs was he collecting? Business loan EMIs wouldn't typically add up to that amount.

In any case, this issue does not directly concern HR. The responsibility of reporting falls on the collection head and sales head. In legal matters, the company's lawyer will handle it. Don't worry about it!

Rs. 15 lakhs is a very big amount. Have you reported this incidence to your higher-ups? What is their response and advice? If not reported yet, report it immediately.

Logically, if the amount is lost or stolen from someone's possession, then they need to initiate an FIR and other actions. If the amount is lost or stolen from the office, then the cashier, accountant, or manager needs to lodge an FIR.

If you are suspecting something else, you can lodge the FIR yourself and name the suspect. You must have senior colleagues to guide you in these types of incidences, seek their advice.

How can a person keep 15 lakh cash at home? If it's 1.50 lakh, then also how does a customer give cash when a cheque/DD or bank transfer is possible? The employee should not be blamed for this. Seeing cash, anyone can do this. Why is your company not going to lodge an FIR? Collecting cash and converting it from black to white, the employee must have sensed the need and just kept the money with him, as the employee knows that if the employer goes for legal action, the company will also be in trouble.

Rajan Sir, to be frank, I feel this case is goofed up. I feel you are not getting the point and neither following the advice of members. You are just asking how to go from it and how to proceed, etc. So, first tell us your position and power, and who you are and what has been assigned to you in this case. Are you really aware of the seriousness of this incident? In accounts, even a goof-up of 100 rs is a matter of the question of integrity and loyalty of the cashier, accountant, collection boy. Something is really fishy. If you are not a part of this scam, then take immediate action. A scam means this is just a goofed-up story. You are also inquiring from insurance, which means you just think if insurance pays you money, it is solved for you. Because the money of 1.5 lakhs already goofed up and shared amongst some employees of your company like the fraud, scam which politicians do. Insurance pays 1.5 lakhs to the company, so neither the company is also not in loss, and people getting free money. The loss is the insurance company. You should act within 1 hour and solve the crime.

I am working as an Assistant Accounts in a government organization, and we strictly follow GFR, GAR Rules. So, whatever money we collect as a receipt on one day should be deposited the same day or the next day to the bank. For all transactions, you can use a cheque, net banking, and other facilities. I don't really understand how your executive collects 1.5 lakhs and keeps it in his room instead of depositing it in the bank, and how a customer can give 1.5 lak cash unless it's some black money. Being from the accounts field, this case is not at all possible. Where are your rules regarding the collection and deposit of cash installment receipts?

As stated by the poster, it is a Micro-finance/Retail Finance Company where EMIs could range from Rs. 1000 to 7000. In case of default, collectors do collect EMIs and penalties in cash. However, collectors must deposit the cash with the office on the same day.

1.5 lakhs can be a day's collection, but 15 lakhs is an unimaginable figure.

In the case of insurance for cash, theft, burglary, fraud, etc., filing a Police FIR is a must. The insurance company will not entertain such claims without an FIR.

Dear Ranjan,

It seems the changing version is rousing suspicion in you. So is it to me. On your part, please state exactly what your staff told you in your statement to the police during their investigation. As an officer of an intelligence agency, I assure you that will save you.

Secondly, if you have a vigilance or security department, just get the details of his and his near relations' bank accounts and review them. If he is coming to the office, let those vigilance/security personnel intimidatingly deal with him to elicit the truth. It would be best if this is done by the police and your security officers in the P.S. He will surely spill the beans. Rest will follow, such as seizing the amount if available in cash, blocking the account if deposited in a bank account, and so on.

Prima facie, you don't have to worry much because the amount was not handed over to you, or at least there is no such record! But don't rest easy because you will have to answer why you did not approach the police forthwith. It appears that no complaint has been filed. Why? What is your position in the company? Why have you/your company not run to the police station immediately upon learning of the loss? What considerations were there in the delay?

A complaint has to be lodged at the police station of jurisdiction.

Sincerely,

PV Ramana

You should keep your bosses in the loop as they may include you even in a story. So, don't hesitate to talk to your seniors about it.

Regards,
Himani

Dear Sir,

Call the employee in person, especially to your chamber, and inquire about the incident in the presence of some of your colleagues. Get a written confession about what happened with some witnesses. The confession given in writing will be a good record for later reference. Then, ask your boss or immediate superior to inquire about the incident again after some days. Compare the confessions given to you in writing and the confession given to your boss or immediate superior. The truth will be revealed.

Our experience:
1. To conceal one truth, one has to tell several lies.
2. A person who speaks the truth will stand by his statement, even after several months.
3. A fabricated story will be easily revealed when inquired on different occasions.
4. A statement that is in writing will put the culprit in trouble.