New Delhi, May 14 (PTI) The Economic Offences Wing (EOW) of Delhi Police has arrested a 38-year-old manager of a private finance company for allegedly siphoning off Rs 3.23 crore, police said on Wednesday.

The accused, identified as Vinay Negi of Ghaziabad, was arrested from his home following investigation into a complaint by the company, EOW said in a statement.

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According to police, Negi was entrusted with the responsibility of disbursing loan to clients. However, scrutiny of loan records revealed that the funds were not received by the actual borrowers. Instead, Negi allegedly diverted the loan amounts to his own bank accounts and that of his associate Amit Bhandari, said the statement.

Negi was initially accused of fraud worth Rs 3.23 crore, but investigation showed that the total fraud amount may be to the tune of Rs 5 crore, it said.

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Bank details showed that Negi routed the funds to his accounts and also to an account belonging to Bhandari, who is currently absconding, police said.

A case was registered on various charges, including criminal breach of trust, cheating and misappropriation.

Police said Negi, a graduate, was addicted to stock market trading and aimed to earn quick profits through options trading. He misused his position at the company for quick money, they said.

Efforts are on to nab co-accused Bhandari, said the statement.

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