A 23-year-old employee of a leading financial services company in India’s Bengaluru has been accused of misusing approximately ₹7 crore ($800,000) belonging to Swiggy, one of India’s largest food delivery platforms. The funds were allegedly diverted to an online betting platform, leading to charges of criminal breach of trust and cheating.
The case was reported by Showri Rajan, a senior executive at the financial services company, which provides accounting services to several firms, including Swiggy, according to a report by The Hindu. The company had been entrusted with managing Swiggy’s electricity bill payments across the Indian state where it operates.
The accused, Srikant K., was part of the accounting support team and had been an employee with the company for a year. His role involved handling transactions related to Swiggy’s accounts, receiving ₹1 to ₹2 crore ($120,000 to $240,000 approx.) monthly from Swiggy’s bank account to facilitate these payments.
However, between June 2024 and December 2024, Srikant allegedly diverted a total of ₹6,86,51,160 ($800,000 approx.) to BetinExchange247.com, an online betting platform, through a private IT company. The fraud came to light during Swiggy’s internal audit, which uncovered suspicious transactions totaling nearly ₹7 crore ($840,000) being transferred to the betting company’s account.
SiGMA News has approached Swiggy seeking comments regarding measures it has taken to ensure the security of its funds when working with third-party financial service providers. However, the food delivery giant has not responded until the time of publication of this report.
When confronted by his employers, Srikant reportedly admitted to the crime. Showri Rajan, in his complaint to the police, stated that the employee’s actions amounted to cheating both the financial services company and its clients. Legal action has been initiated, and an investigation is underway.
This incident has raised significant concerns about financial oversight and the security of transactions handled by third-party service providers.
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