Ricoh India’s Allegations Against Former Employees Discarded By Economic Offences Wing
The Economic Offences Wing (EOW) squashed the complaints lodged by Ricoh India Ltd. against its former employees for a fraud that cost its parent Ricoh Company Ltd. close to Rs 1,123 crore, on lack of evidence.
The EOW, which investigates white collar crimes, in its reply said that the allegations made by Ricoh India against its employees “were based on the report submitted by a private firm without supporting documents”.
Further, the letter also states that the allegation related to customers with untraceable addresses could not be substantiated and the suspected transactions are supported by the transfer of funds.
Ricoh India had filed a complaint against three of its employees: former Chief Financial Officer Arvind Singhal, former Chief Operating Officer Anil Saini and former senior executive-operations Smriti Pandey on May 27, 2016. The company suspected these employees for various cognizable offences.
“I am happy to learn that an independent agency like Economic Offence Wings has discarded the allegations made by the company,” the former CFO Singhal told BloombergQuint on the phone.
The allegations made by the company were biased and false. I am also surprised why the company has not yet made a disclosure of the same to the stock exchange.Arvind Singhal, Former CFO, Ricoh India
Also Read: Ricoh India's Deposed MD Denies Involvement in Fraud, Points Finger at Other Company Officials
The company received the EOW's letter on April 6, and is considering further legal actions, Ricoh India's spokesperson said in response to BloombergQuint's query.
We do not agree with the content or decision and subsequently have made appropriate representation with the Commissioner of Police, Delhi. We are also considering further legal action and will continue to work with all relevant authorities to take action against those responsible.Ricoh India Spokesperson
Currently, shares of Ricoh India have been suspended from trading due to the delay in releasing the first and second quarter earnings for the financial year 2016-17.
Over the last 18 months, Ricoh India has been in the eye of a storm that involved delayed reporting of financials, auditor red flags regarding accounting irregularities, a forensic audit, the suspension of top officials, and a police complaint lodged by Ricoh India against its own officials.
Post this, the company received capital infusion worth Rs 1,123 crore from its promoters to tide over the losses suffered to company due to fraud.
The process of recapitalising Rs 1,123 crore has been challenged by the BSE Ltd. in the National Company Law Tribunal. The company said that the matter will be heard on Wednesday, April 12.
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