Mukesh Shah, former director of Isha Buildtech and Isha Infratech of Reliance Group, has been reportedly arrested in Mumbai on charges of fund embezzlement.
According to a Mumbai Mirror report, Shah had been working with reliance 1988 and made director of those two companies.
He had suddenly resigned as director in June 2018, and then stopped attending office after a couple of months. His family had lodged a missing complaint in October 2018.
The director who replaced him detected anomalies in the books of accounts for 2017-18 and 2018-19.
It was found that Shah had transferred Rs 9.22 crore and Rs 7.68 from the accounts of Isha Infratech and Isha Buildtech, respectively, to various companies for the repair work of Sea Wind building, owned by Relaince Group Building at Cuffe Parade in Mumbai. However, no actual work was carried out in Sea Wind. Shah had also created fake vouchers with forged signatures.
Mukesh Shah is said to have confessed to the crime. Read the full story here.