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The accused worked with a financial services company EY when he allegedly stole funds from Swiggy and diverted them for online betting.
The activities amount to cheating the company and its client. (Representative Image)
Food delivery company Swiggy has reportedly suffered embezzlement of its funds after an employee of Ernst & Young LLP, a leading financial services company, allegedly misused Rs 7 crore of the company’s money to invest in an online betting company. As per the latest reports, Bengaluru’s Ashok Nagar police have booked a 23-year-old employee of the financial services company following a complaint by Swiggy’s senior executive Showri Rajan.
As per the complaint, the accused identified as Srikant K, a member of the accounting support team at EY has been charged with criminal breach of trust and cheating. The company provides accounting services to many organisations, including Swiggy and was also tasked to pay their electricity bills across the state. Srikant, who has been a part of the financial company for a year, was assigned the job and used to receive Rs 1-2 crore every month from Swiggy’s bank account, states The Hindu.
It was between June 2024 and December 2024 that the accused allegedly diverted a total of Rs 6.86 crore to an online betting platform BetinExchange247.com, through a private IT company. His fraudulent activities came to light when the food delivery giant found money transactions amounting to Rs 7 crore in its audit. The funds were deposited to the online betting company’s account, which was later brought to the notice of the accused’s senior.
“One of our team members, Srikanth, who worked as an Associate Accountant from August 2023, was responsible for paying electricity bills for all India Swiggy Ltd. offices, totaling between Rs. 1 to 2 crores monthly, using an HDFC Credit Card,” the FIR stated.
“It has been alleged that between June 1, 2024, and December 31, 2024, a total of Rs. 6,86,51,160/- was paid from Swiggy Ltd. to a company named BetinExchange247.com. Further investigation revealed that BetinExchange247.com operates as a betting app. As a result, a complaint has been lodged, seeking legal action against Srikanth and others for criminal breach of trust, accusing them of defrauding our company and Swiggy Ltd. of approximately Rs. 7 crores.”
Srikanth was instantly summoned by the company who allegedly admitted to his crime and a complaint was filed with the police. As claimed by Ranjan, the activities amount to cheating the company and its client. The incident has once again sparked concerns about the internal controls and the growing risk of online betting platforms, also drawing attention to the need to strengthen monitoring systems and implement stricter financial checks.
Swiggy has yet to issue a formal statement regarding the matter.
In September 2024, Swiggy reported a similar case of embezzlement involving a former junior employee who allegedly stole Rs 33 crore over some time. According to Moneycontrol, the company identified fraudulent activity in its annual report for the financial year 2023-24, where funds were embezzled from one of its subsidiaries by the accused employee. A formal complaint has since been filed against the individual.
As one of India’s leading food delivery platforms, Swiggy competes with Zomato in the online restaurant and cafe food delivery market. The company is also expanding into quick commerce through its Instamart services.
- Location :
Delhi, India, India
