HAL Fraud

The Bangalore based Hindustan Aeronautics Limited (HAL) was in the news for the wrong reasons. A contract worker of HAL, who is working since 2004 cheated the organization for about 2.5 crore.

Thanks to the company’s auditor who noticed suspicious withdrawals through RTGS while checking the company’s books for the year 2011-2012. He observed couple of payments made by HAL to two non-designated persons.

After the internal probe, the contract worker was found to be the culprit who was actually entrusted with the task of carrying documents related to payment via RTGS requests.

He used to tamper the payment release orders by inserting the names of his friends as co-beneficiaries after the document was signed by his superiors. This resulted in the parallel remittance being made to the bank accounts of his friends through RTGS payment.

During the interrogation, the police officials learnt that the contract worker used the fraud money to open his own travel agency.