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Ahmedabad: A former sales manager of a money exchange firm in Navrangpura allegedly obtained foreign currency worth Rs 40.1 lakh using fake employee details of corporate companies. Between Oct 2025 and Feb 2026, the accused allegedly submitted KYC details of people claiming to be employees of four corporate firms. Based on the documents, the exchange processed invoices and issued foreign currency worth Rs 40,08,941. The transactions included foreign currency worth Rs 9.79 lakh for four persons linked to one company, Rs 6.68 lakh for three persons of another firm, Rs 12.02 lakh for four persons of a third company and Rs 11.58 lakh for five persons of another company.
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The complainant told police that the accused had personally collected the foreign currency and told the firm that the corporate clients would subsequently make payments. They were allegedly told that no such invoices had been raised for their employees and that several of the persons whose names appeared on the invoices were not on their rolls. When employed, the accused was responsible for bringing corporate clients to the firm. Employees of companies that registered with the money exchange firm could obtain foreign currency for overseas travel after submitting KYC documents, passports, business letters and flight tickets. He had also shown bank transfer letters to the company and retained the documents, assuring officials that they would be submitted later. The accused gave evasive replies when questioned about the delayed payments, leading the exchange to contact directors and accounts heads of the corporate houses concerned. Download the TOI App.
On Tuesday, Navrangpura police received a complaint against the accused from an authorised representative of the money exchange.