Navrangpura Police have registered a case against a former sales manager of a money exchange company for allegedly siphoning off foreign currency worth around ₹40.09 lakh using forged documents and the identities of fictitious employees.
The accused has been identified as Devendrasinh Lalsinh Gohil. Police are investigating whether he acted alone or had help from others in preparing the documents and arranging the transactions.
According to the complaint filed by Parag Shaktiprasad Bhatt, the company’s Gujarat Cluster Head, Gohil joined the firm as a sales manager in February 2025. He was paid a monthly salary of ₹58,333 and was responsible for acquiring corporate clients and helping arrange foreign exchange for employees travelling abroad.
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How the Alleged Forex Fraud Was Carried Out
The company normally required several documents before releasing foreign currency. These included KYC records, passports, business authorisation letters and flight tickets of the employees travelling abroad.
Police allege that Gohil exploited this process between October 2025 and February 8, 2026. He allegedly prepared foreign exchange requests and supporting documents in the names of people described as employees of four corporate clients.
According to the complaint, transactions involving Viking Industries, Ramsons Drugs, Alight Projects and Chiccem Medical totalled around ₹40.08 lakh. The alleged invoices were worth ₹12.02 lakh, ₹11.58 lakh, ₹9.79 lakh and ₹6.68 lakh respectively.
Based on the documents submitted, the company released the foreign currency. The alleged fraud was later detected when payments against the invoices remained pending for an extended period.
Four Companies Denied Issuing the Documents
When company officials questioned Gohil about the delayed payments, his explanations allegedly failed to resolve their concerns.
The company then contacted directors and accounts officials of the four businesses directly. According to the complaint, the companies said they had neither issued the invoices nor authorised the foreign exchange transactions.
The identities of the supposed beneficiaries also raised questions. Company officials allegedly found that the people named in the travel documents were not employees of the respective companies.
The discrepancies prompted the company to report the matter to the police.
Investigators are now examining whether the names and documents were completely fabricated or whether genuine company information was misused to make the requests appear legitimate.
Alleged Attempt to Bypass Internal Checks
The complaint also alleges that Gohil found ways around the company’s document-verification process.
According to the complainant, Gohil personally showed certain business travel authorisation letters to company officials and assured them that he would provide the original documents later. He allegedly retained the originals himself.
Police are likely to examine whether this helped the transactions pass internal checks and whether other employees were aware of the alleged manipulation.
The case has been registered under provisions relating to criminal breach of trust, cheating and forgery. The allegations have not been established in court.
Investigators are expected to examine the company’s foreign exchange records, KYC documents, travel authorisation letters, corporate communications and records of the currency released in the four transactions.
They will also need to establish where the foreign currency ultimately went and whether any part of the ₹40.09 lakh can be recovered.
The case highlights a risk for businesses handling foreign exchange: internal controls can be weakened when one employee is able to control multiple stages of a transaction. Verifying corporate requests directly with the concerned company, independently checking beneficiary identities and ensuring that original documents are reviewed can make such manipulation harder.
For now, police are focusing on reconstructing the alleged transactions and determining Gohil’s exact role. If investigators find evidence of additional participants, the scope of the case could widen.
