A case has been registered in opposition to the previous chief monetary officer (CFO) of Bengaluru-based on-line gaming firm Gameskraft Applied sciences, Ramesh Prabhu, for allegedly diverting firm funds to put money into futures and choices (F&O) buying and selling, resulting in a whopping lack of Rs 250 crore.
The Bengaluru metropolis police registered the case on September 9 after Gulshan Yadav, assistant vice-president of Gameskraft, approached the Marathahalli police and filed a grievance.
In line with the First Info Report (FIR), a duplicate of which is with The Indian Specific, on March 5 this yr, Prabhu addressed the corporate in an e mail the place he admitted that he had misused firm funds for private fairness and derivatives buying and selling over the past 3-4 years.
“He additional acknowledged that the entire loss from such Fairness F&O Buying and selling as per his estimate exceeded Rs 250 crore. A studying of the mentioned e mail additionally makes it clear that these actions have been carried out with none disclosure or approval,” the FIR states.
In line with the police, Prabhu has not reported to work since March 1 and is untraceable after sending the e-mail.
“The accused acknowledged that he would take full accountability for his conduct, together with for breaching the belief reposed to him in his capability as Group Chief Monetary Officer of the complainant firm and claimed that none of the present or former staff of the complainant firm have been conscious of his conduct,” the FIR provides.
The corporate commissioned a fact-finding evaluate, which revealed that Prabhu had executed unauthorised monetary transactions totalling Rs 231.39 crore from 2019-20 as much as 2024-25, in keeping with the FIR.
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In view of the above, the corporate was required to jot down off Rs 270.43 crore in its monetary assertion for the monetary yr 2024-25. “The accused carefully managed this specific account and diverted/misappropriated funds by this account for his private use. These funds have been transferred with none authorisation from the complainant,” the FIR states.
The Marathahalli police have registered a case beneath sections 316(4) (prison breach of belief by worker), 318 (4) (dishonest and dishonestly inducing supply of property), 335 (making a false doc), 344 (falsification of paperwork), 336 (2) (forgery) of the Bharatiya Nyaya Sanhita (BNS).
Prabhu, a chartered accountant, joined Gameskraft as CFO in 2018. He was the co-founder and CEO of fintech firm, Three Wheels United.