Man accused of siphoning off Rs 8.9 crore from company back account denied bail

New Delhi: A Delhi court has denied bail to a man accused of siphoning off Rs 8.9 crore from a company's bank account through fraudulent internet banking transactions, observing that the offence was "grave and serious in nature" and involved "systematic and layered" transfers carried out as part of a criminal conspiracy. The defence had argued that since the investigation was complete and the chargesheet had been filed, there was no justification for keeping the accused in custody during trial. The court, however, held that the filing of the chargesheet did not mitigate the gravity of the alleged offence.
According to the prosecution, the fraud occurred between July 11 and Aug 30, 2024, through 94 internet banking transactions initiated after the accused allegedly changed the mobile number linked to the corporate bank account using forged documents. The accused, Nitin Birmal Dongre, had contended that he had been in judicial custody since April 2, 2025, and sought bail on the ground of parity, claiming his role was similar to two co-accused who were granted bail earlier. Rejecting this argument, the court held that Dongre's role was distinct and could not be equated with that of the others. Sessions judge Shunali Gupta observed that Dongre appeared to be the "prime accused" and the beneficiary of the siphoned funds, describing him as the alleged "kingpin" of the operation. The court also noted that two other suspects were yet to be arrested. Opposing the bail plea, the prosecution highlighted the seriousness of the allegations, stating that the accused and his associates siphoned off crores of rupees within nearly 50 days through fraudulent online transactions. Investigation revealed that the Axis Bank account — opened in 2008 in the name of Larsen & Toubro & Shanghai Urban Construction Operation at the bank's Lajpat Nagar branch — was compromised after a request was made on June 7, 2024, using forged company documents to change the registered phone number. In July 2024, corporate internet banking access was obtained from the bank's Usmanabad branch in Maharashtra by a person posing as an L&T employee. Police said a co-accused, an assistant manager with the bank, had allegedly shared sensitive account information with the conspirators. Investigators also claimed the SIM card used to access the account was found operating in Dongre's handset, and call detail records indicated links among the accused. Get the latest lifestyle updates on Times of India, along with Women's day wishes, messages and quotes !