A ₹34 lakh alleged embezzlement case has surfaced in Maharashtra’s Beed district, where a trading firm’s accountant is accused of misusing pre-signed cheques to transfer money into his own bank account while the business owner was away undergoing medical treatment. Police have registered a criminal case and launched an investigation into the alleged financial fraud.
According to the complaint, the accused, Sheikh Shafiq Sheikh Atik (35), a resident of Dharur, had been working as an accountant at Saudagar Trading Company, an agricultural commission agency in Kaij, since October 2022. He was responsible for handling the firm’s financial operations, including grain trading transactions, maintaining accounts, depositing cash, and processing cheques. The complainant alleged that the accused had earned the complete trust of the business owner over nearly three years before carrying out the alleged fraud.
Police said the firm’s proprietor, Haji Moula Saudagar, had travelled to Jodhpur in Rajasthan on June 17 for spinal treatment along with his wife and son. Before leaving, he had reportedly signed four cheques in advance for legitimate business requirements and entrusted them to the accountant for use by his son if necessary.
Investigators allege that the accused misused those signed cheques to transfer ₹34 lakh into a bank account operated under the name “Kohinoor Steel.” The complaint states that the money was transferred through four separate transactions of ₹8 lakh, ₹8 lakh, ₹10 lakh and ₹8 lakh. Police are also examining allegations that portions of the funds were subsequently transferred to the accused’s other bank accounts as well as accounts belonging to his parents.
The alleged fraud came to light on June 23 after the manager of Shahu Cooperative Bank’s Dharur branch contacted the trader to verify the high-value cheque transactions. Since the complainant was still away for medical treatment, he reportedly became aware of the suspected unauthorised withdrawals only after receiving the bank’s call. Upon returning to Kaij on June 27, he allegedly discovered that the accountant had absconded from both Kaij and Dharur.
During the course of the inquiry, another alleged financial irregularity involving the same accused also surfaced. According to information shared with police, the accountant was reportedly handling financial transactions for another agricultural trading business owned by Maimoona Khaled Sheikh, a resident of Chembur, Mumbai. It is alleged that he sold approximately 500 to 600 bags of soybeans without authorisation and disappeared after collecting between ₹30 lakh and ₹40 lakh from the sale. Police said the concerned trader is pursuing separate legal proceedings in connection with those allegations.
Based on the complaint filed by Haji Moula Saudagar, Kaij Police registered Crime No. 430/2026 under relevant provisions of the Bharatiya Nyaya Sanhita relating to criminal breach of trust and cheating. Investigators are examining banking records, cheque transactions, account transfers, and other financial evidence to establish the complete money trail.
Police are also attempting to trace the whereabouts of the accused and determine whether any other individuals knowingly assisted in the alleged diversion of funds. Authorities said further legal action will depend on evidence collected during the investigation.
According to the Future Crime Research Foundation (FCRF), businesses handling significant financial transactions should implement dual-authorisation systems for cheque issuance, restrict the use of pre-signed financial instruments, conduct periodic internal audits, and continuously monitor banking activity to reduce the risk of employee-led financial fraud.
The investigation remains ongoing, with police continuing efforts to locate the accused, recover the allegedly misappropriated funds, and verify the additional soybean trading allegations through documentary and financial evidence.
