Published on: Nov 16, 2025 05:54 am IST
A 23-year-old Kurla man, Shivshant Upadhyay, was booked for allegedly embezzling ₹4.47 crore from MTC Business Pvt. Ltd. where he worked.
Mumbai: A 23-year-old man from Kurla was booked on Friday for allegedly siphoning off ₹4.47 crore from his employer, MTC Business Pvt. Ltd, where he worked as a senior executive.
₹4.47 crore from Andheri firm” title=”23-year-old employee booked for siphoning ₹4.47 crore from Andheri firm” />According to the police, the accused, Shivshant Upadhyay, joined the company as a senior executive (supply chain) in April 2025 and has been working on probation. The company, MTC Business Pvt. Ltd, engaged in the steel raw materials trade. Recently, an internal audit revealed that the company had not paid customs duty worth ₹4.47 crore, due between October 14 and November 4.
It was also noticed that Upadhyay, who is responsible for depositing customs duty, has stopped reporting to work since November 3. Reviewing the company’s bank transactions then revealed that ₹4.47 crore, meant to be paid as the customs duty, was transferred to a firm named Shivay Shipping and Logistics.
Subsequently, the director of the company, Sunil Dave, 44, approached the police on Friday. It was then found that Shivay Shipping and Logistics was a firm registered on Upadhyay’s father’s name in October 2025. He allegedly diverted the employer’s funds to the firm he had registered on his father’s name and went absconding.
Following this, based on Dave’s complaint, the police registered a case against Upadhyay under Sections 316(5) (criminal breach of trust) and 318(4) (cheating) of the Bharatiya Nyaya Sanhita.
