Mumbai: In a shocking case of corporate fraud, 62 cheques worth ₹31 crore were stolen from Rashtriya Chemicals and Fertilizers (RCF) in Chembur, Mumbai. The fraudsters attempted to cash in two of the stolen cheques by forging signatures, but the company detected the fraud and blocked the transactions in time. Following the incident, RCF lodged a complaint with the RCF Police Station.
According to the RCF Police, two separate attempts were made to encash the stolen cheques—one at a bank in Malad, Mumbai, and the other at an HDFC Bank branch in Sasaram, Bihar. However, the company successfully intervened and halted the payments before the funds were transferred. The police have identified one suspect and are actively searching for them, while they suspect that multiple individuals may be involved in the scam.
The fraud came to light when RCF’s finance manager, Rajendra Abaji Sawant (59), filed a complaint. According to the complaint, on January 14, 2025, CI Mahesh Rana from the company’s cash department discovered that a cheque worth ₹48.5 lakh was deposited into an account belonging to Sameer Faiz Alam Khan at Kotak Mahindra Bank’s Malvani branch on December 23, 2024. Upon learning this, RCF officials immediately contacted their bank and froze the cheque.
Upon verification, it was revealed that the cheque had not been issued by the company, and the signatures of the finance manager were forged. A subsequent audit revealed that 62 cheques from RCF’s SBI Bank account were missing. Each stolen cheque had a withdrawal limit of up to ₹50 lakh.
On February 24, 2025, an SBI bank official informed RCF that another cheque, worth ₹49.99 lakh, had been deposited in the account of Messrs Sahastrabahu Steel Pvt. Ltd. at an HDFC Bank branch in Sasaram, Bihar. Upon verification, the company discovered that this cheque also had forged signatures.
Realising the scale of the fraud, RCF management approached the police and filed an official complaint against unknown individuals on March 21. Police suspect that an insider from the company may be involved in the crime. Authorities have intensified their investigation and are tracking the suspect’s whereabouts. The case is being probed under Sections related to theft, forgery, and fraud of the Bharatiya Nyaya Sanhita (BNS). Further investigation is underway.
