Moga, Punjab: A case of alleged financial fraud and embezzlement has surfaced at the Ajitwal branch of Annapurna Finance Private Limited in Punjab’s Moga district. Three employees of the company have been accused of preparing forged documents and misappropriating ₹11.70 lakh from company accounts. Following a complaint and a DSP-level inquiry that found the allegations prima facie valid, police have registered a case against the accused under various provisions of the Bharatiya Nyaya Sanhita (BNS).
According to the police, the complaint was filed by the company’s Area Manager, Pragat Singh, a resident of Malej Kalri village in Mansa district. He stated that eight company branches operate under his supervision, including the Ajitwal branch. During routine internal monitoring and verification of financial records, suspicious transactions were detected, prompting a detailed internal inquiry.
The complaint alleges that three employees posted at the Ajitwal branch—Kuldeep Singh, Nachhattar Singh, and Robin—acted in collusion to create forged documents, fabricated financial records, and false accounting entries. Using these allegedly fraudulent documents, they are accused of diverting ₹11.70 lakh from various company accounts into other accounts, causing significant financial loss to the company.
Given the seriousness of the allegations, the matter was referred for investigation by the Deputy Superintendent of Police (Special Crime). During the inquiry, investigators examined financial documents, banking records, branch transactions, and other supporting evidence. The preliminary investigation reportedly found the allegations to be prima facie substantiated. Based on the inquiry report, Ajitwal Police registered an FIR against all three accused under provisions relating to cheating, forgery, criminal breach of trust, and other relevant sections of the BNS.
Police said the investigation is still underway and that efforts are being made to trace the complete flow of the allegedly embezzled funds, identify all beneficiary accounts, and determine whether any additional individuals were involved in the conspiracy. Investigators are also conducting a detailed examination of banking records, digital transaction trails, and financial documents to establish the full extent of the alleged fraud.
The investigation will also assess whether weaknesses in the company’s internal control mechanisms were exploited to facilitate the alleged embezzlement. If evidence points to the involvement of other employees or external individuals, further legal action may be initiated. Police have stated that every aspect of the case will be investigated impartially and that subsequent action will be based on the evidence collected during the investigation.
Experts associated with the Future Crime Research Foundation say that robust internal audit systems, periodic financial verification, multi-level approval mechanisms, and continuous monitoring of digital transactions are essential to prevent insider fraud in financial institutions. Timely detection of irregularities at the employee level can significantly reduce financial losses and strengthen institutional accountability.
The experts further recommend that banks and financial institutions implement stronger internal controls, employee background verification, risk-based monitoring, segregation of financial responsibilities, and regular independent audits to minimise the risk of internal fraud. Such measures not only help prevent financial misconduct but also enhance operational transparency and reinforce customer confidence. Meanwhile, Moga Police continue to investigate all financial aspects of the case, and further legal proceedings will follow based on the outcome of the investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
