New Delhi, Jul 2 (PTI) A former director of a private company was arrested on Thursday for allegedly siphoning off over Rs 10 crore by selling the firm's property after opening a new bank account in its name, police said.

The accused has been identified as Jayant Kumar Jain, 50, a resident of Vasant Vihar, they said.

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Police said one Suresh Kumar Jain has alleged that his company had purchased a property at Hanuman Road on July 21, 2004.

Jayant, being one of the directors of the firm, in connivance with other directors, opened a new account at a private bank here in the name of the company, a senior police officer said.

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He further authorised an employee director to execute the sale deed of two properties of the company in the name of his wife Ekta Jain, he said.

For the property Number 9, Hanuman Road, Rs 10.5 crore was paid as sale consideration by Ekta Jain from her account to the newly-opened account of the company, which she received from the accounts of other companies of group, the officer said.

The sale consideration amount of Rs 10.50 crore deposited in the account of the company, which was opened fraudulently on the basis of forged board resolution on June 26, 2012, they said.

Jayant is also involved in a case of siphoning off Rs 25 crores of Non-Banking Financial Company (NBFC). He is a commerce graduate and is in the business of exports of rice and tea, police added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)