Kolkata businessman arrested for ₹1.5 crore company account fraud

Kolkata police have arrested businessman Pawan Bhimsaria for allegedly siphoning ₹1.5 crore from a joint company account belonging to SDB Developers Private Limited. The arrest follows allegations from his brother and co-director, Sanjay Bhimsaria, that Pawan forged his signature to conduct unauthorized transactions.

Sanjay Bhimsaria claims that multiple transactions occurred in November 2023 without his consent or approval. He noted that due to an internal dispute, he had ceased signing company documents since July 2023. The disputed funds were held in a joint account at the Bank of Baroda’s MG Road branch, which requires signatures from both directors for transactions.