Cyber Crime
Private Employee Hit by Rs 7 Crore Embezzlement to Online Betting
Bengaluru: Food delivery giant Swiggy has reportedly suffered a Rs 7 crore embezzlement, after an employee of a private accounting firm allegedly misused company funds to invest in an online betting platform. According to reports, Bengaluru’s Ashok Nagar police have booked 23-year-old Srikant K, an accounting support team member, following a complaint by a senior executive of the firm. The accused has been charged with criminal breach of trust and cheating.
How the Fraud Unfolded
Srikant’s employer provides accounting services for several companies, including Swiggy, and was responsible for paying electricity bills for Swiggy’s offices across India. Since August 2023, Srikant had been managing these payments, receiving Rs 1-2 crore every month from Swiggy’s bank account.
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Between June 2024 and December 2024, he allegedly diverted Rs 6.86 crore to an online betting platform, BetinExchange247.com, using a private IT company as a channel. Swiggy discovered the fraud during an audit, when transactions worth Rs 7 crore were flagged. The funds were traced back to the betting company’s account, leading to an internal inquiry.
Legal Action and Internal Concerns
The FIR filed by the company states: “Between June 1, 2024, and December 31, 2024, a total of Rs 6,86,51,160 was paid from Swiggy Ltd. to BetinExchange247.com, which operates as a betting app. A complaint has been lodged seeking legal action against Srikant and others for defrauding Swiggy Ltd.” Srikant was immediately summoned by his employer and reportedly admitted to the fraud. The company then filed a police complaint. The incident has raised serious concerns about internal controls and the growing risks posed by online betting platforms. Experts emphasize the need for stronger financial monitoring systems to prevent such frauds.
Swiggy’s Second Major Fraud Case in a Year
This is not the first case of financial fraud involving Swiggy. In September 2024, the company reported a similar Rs 33 crore embezzlement case involving a former junior employee. The fraudulent activity was flagged in Swiggy’s annual financial report for FY 2023-24, leading to legal action against the accused.
As one of India’s leading food delivery platforms, Swiggy competes with other platforms while also expanding into quick commerce through Instamart. The company has yet to issue an official statement regarding the latest incident.
