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Cashier Arrested for Embezzling ₹24.40 Lakhs from Sports Club

A cashier at NSCI Worli in Mumbai has been arrested on suspicion of embezzling ₹24.40 lakh from the club's safe, with authorities indicating the possibility of additional missing funds.

By: Team Pardaphash  Pardaphash Group
Cashier Arrested for Embezzling ₹24.40 Lakhs from Sports Club

A cashier employed at the National Sports Club of India (NSCI) Worli has been apprehended on charges of embezzling ₹24.40 lakh from the club’s cash reserves. Authorities are investigating the possibility that the accused, identified as 42-year-old Sumedh Labade from Powai Chowk, Mulund Colony, may have misappropriated additional funds, prompting a demand for his bank account details.

The club’s general manager initiated the case by reporting the incident to the police. The background to the alleged embezzlement unfolded when the club sought to provide bonuses to its staff. Labade initially transferred ₹5.5 lakh as requested by the general manager. However, as more funds were needed, Labade was instructed to transfer additional cash.

The club’s revenue, comprising rental income from rooms and halls, consumer stores, membership fees, coaching revenue, and turf-related income, was reportedly compromised by Labade’s actions.

Labade initially claimed that the remaining funds were in the possession of another cashier, Ramesh Gupta, who was expected to arrive in the afternoon. However, when Gupta could not be reached, suspicions arose. Questioned about the standard procedure of depositing cash before leaving, Labade remained silent, unable to provide a satisfactory explanation.

After an hour, Labade changed his narrative, informing the general manager that the funds had been stolen from his office. Subsequently, during a meeting with club staff heads Ashok Barmecha and Mohan Gidwani, Labade admitted to diverting the money for personal use.

A case has been registered against Labade under Section 408 (criminal breach of trust by clerk or servant) of the Indian Penal Code. The arrest was made due to Labade’s perceived lack of cooperation during the investigation, particularly his refusal to disclose the location of the ₹24 lakh. During the period of November 4 to 10, Labade had collected ₹41.91 lakh for the club. Of this, ₹5.5 lakh was allocated for staff bonuses, and ₹12 lakh was reportedly stored in the cashier safe. The remainder, amounting to ₹24 lakh, is alleged to have been spent by Labade. He is currently in police custody.

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