A serious employee-led financial fraud case has surfaced in Maharashtra’s Beed district, where an accountant is accused of misusing pre-signed cheques belonging to an agricultural trading firm and diverting ₹34 lakh into connected bank accounts.

Police have registered a criminal case and are examining cheque records, banking transactions and the alleged movement of funds.

Accountant Had Managed Firm’s Finances Since 2022

The accused has been identified as Sheikh Shafiq Sheikh Atik, 35, a resident of Dharur.

According to the complaint, he had been working as an accountant at Saudagar Trading Company, an agricultural commission agency in Kaij, since October 2022.

His responsibilities allegedly included:

• Maintaining business accounts
• Handling grain trading transactions
• Depositing cash
• Preparing and processing cheques
• Managing routine banking work

The complainant alleged that the accountant had gained the complete trust of the proprietor over nearly three years.

Four Cheques Signed Before Medical Travel

The firm’s proprietor, Haji Moula Saudagar, reportedly travelled to Jodhpur on June 17 for spinal treatment with his wife and son.

Before leaving, he allegedly signed four cheques in advance for genuine business requirements and entrusted them to the accountant for use only if required by his son.

Investigators allege that these signed instruments were later used without proper authority.

₹34 Lakh Transferred Through Four Transactions

According to the complaint, the accused allegedly transferred the funds into an account operated under the name Kohinoor Steel.

The four alleged transactions were:

• ₹8 lakh
• ₹8 lakh
• ₹10 lakh
• ₹8 lakh

The total alleged diversion amounted to ₹34 lakh.

Police are also examining whether portions of the money were subsequently transferred into other accounts allegedly connected with the accused and his parents.

Bank Verification Call Exposed Transactions

The suspected fraud came to light on June 23, when the manager of Shahu Cooperative Bank’s Dharur branch contacted the proprietor to verify the high-value cheque transactions.

Since the trader was still undergoing treatment outside Maharashtra, he reportedly learned about the withdrawals only after receiving the call from the bank.

After returning to Kaij on June 27, the complainant allegedly found that the accountant had disappeared from both Kaij and Dharur.

Separate Soybean Sale Allegation Surfaces

During the inquiry, another alleged financial irregularity involving the same accountant reportedly emerged.

Police were informed that the accused had also been managing financial transactions for another agricultural trading business owned by Maimoona Khaled Sheikh, a resident of Chembur, Mumbai.

It is alleged that he:

• Sold approximately 500–600 bags of soybeans
• Conducted the sale without proper authorisation
• Collected between ₹30 lakh and ₹40 lakh
• Disappeared after receiving the money

Police said the concerned business owner is pursuing separate legal proceedings regarding those allegations.

Criminal Case Registered

Based on the complaint, Kaij Police registered Crime No. 430/2026 under relevant provisions of the Bharatiya Nyaya Sanhita dealing with cheating and criminal breach of trust.

Investigators are examining:

• Original cheques
• Bank clearing records
• Beneficiary account details
• Inter-account transfers
• Mobile communication
• Business ledgers
• Related financial documents

Efforts are also underway to trace the accused and recover the allegedly misappropriated funds.

Internal Control Failures Under Focus

The case highlights the risks of allowing one employee to control bookkeeping, cheque custody, banking access and transaction processing.

Major warning signs include:

• Use of pre-signed cheques
• No dual approval for high-value payments
• One person controlling accounts and banking
• Lack of real-time transaction alerts
• Infrequent bank reconciliation
• Weak beneficiary verification

Businesses should ensure that no single employee can initiate, approve and record the same transaction.

How Businesses Can Reduce Cheque Fraud Risk

Companies handling large financial transactions should implement:

• Dual signatures for high-value cheques
• Maker-checker payment approval
• Restricted custody of cheque books
• Daily bank transaction alerts
• Independent monthly bank reconciliation
• Beneficiary confirmation before payment
• Periodic internal and forensic audits
• Immediate cancellation of unused signed cheques

Pre-signed cheques should be avoided because they can bypass one of the most important safeguards in financial control: approval at the time of payment.

Conclusion

The alleged ₹34 lakh diversion demonstrates how excessive financial access and weak internal controls can expose businesses to insider fraud.

Police are continuing to trace the accused, analyse the complete money trail and verify the separate allegations relating to soybean sales.

All allegations remain subject to investigation and judicial proceedings.

Shunyatax Global Insight

Shunyatax Global says that trust should never replace financial controls. Even a long-serving accountant should not independently control cheque custody, accounting records, banking access and transaction approval.

Businesses should implement dual authorisation, daily bank alerts, independent reconciliations and periodic forensic checks. Pre-signed blank cheques should never remain with employees because a single compromised instrument can lead to substantial and immediate financial loss.