Gaming Firm’s Ex-CFO Booked for ₹270 Crore Fraud and Forgery

Quick Summary:

• Crime Reported: The Marathahalli police have registered an FIR against Ramesh Prabhu,the former CFO of Gameskraft Technologies,for misusing ₹270 crore of company funds over four years through unauthorized equity and derivatives trading.
• Complaint & Evidence: The case was initiated following a complaint by Gulshan Yadav (Assistant Vice President of the company), citing Prabhu’s confession via email on March 5, acknowledging misuse and losses exceeding ₹250 crore.
• Company Examination: After receiving this confession, the company conducted an internal review revealing unauthorized transactions falsely recorded as investments in official accounts. A loss of ₹270.43 crore has been accounted for in its financial statement for FY 2024-25.
• Legal Action: Police filed charges under Sections 316, 318, 335, 344, and 336 of BNS laws. Authorities plan to transfer the investigation to CID due to its scale and issue a lookout circular as the accused is absconding.

Indian Opinion Analysis:

Fraudulent activities at such meaningful levels not only highlight issues with corporate governance but also reflect vulnerabilities in oversight mechanisms within Indian companies.This case underscores the importance of stricter financial controls and regular audits to detect discrepancies early before escalating into massive monetary losses like those faced by Gameskraft Technologies.

Additionally, transferring such cases to specialized investigative bodies like CID could ensure a thorough probe into large-scale corporate frauds while deterring future wrongdoing through legal precedence. Given India’s growing reputation as a tech hub attracting investments globally, timely actions are crucial to preserve investor confidence and reinforce ethical business practices across industries.

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