Hyderabad: A former employee of a Dubai-based MNC has come under the radar of the Cyberabad Economic Offences Wing (EOW) for allegedly defrauding the company of 46 crore.
The accused, Andrew Wood, worked as general manager of Slip Form Middle East LLC (SMEL) that’s involved in renting and leasing machines and equipment.
According to EOW officials, Wood illegally leased out SMEL’s assets to another firm, which in turn sold those assets to another company — Slipform Solutions India Private Limited (SSICPL), on Wood’s instructions. The accused holds 99% of shares and is also the director of SSICPL.
Following a complaint by SMEL representatives, a case was filed at the Narsingi police station in the last week of Nov. The case was transferred to EOW a couple of days ago due to the volume of the fraud.
As per the complaint, Wood was appointed general manager of SMEL in April 2011 to carry out the day-to-day activities to expand its activities in the UAE, GCC countries, and other parts of the world. Although he resigned from SMEL in Jan 2021, the firm found that some of its assets leased out to its clients were not returned, even after the completion of agreements with them.
“SMEL alleged that Wood used a similar sounding name — to make it appear it was like an Indian subsidiary — to influence existing and potential customers to divert SMEL’s business. This was done without authorisation and consent of SMEL,” an investigating officer said, adding SMEL also accused Wood of stealing its data, market research, and proprietary information, to grow business operations of his firm SSICPL.
SMEL allegedly found emails sent by Wood, wherein he breached his duties and entered into sale contracts for assets belonging to SMEL. “Using name and brand of SMEL, Wood illegally entered into contracts with several Indian customers for assets owned by SMEL,” said a Cyberabad police official.
The accused, Andrew Wood, worked as general manager of Slip Form Middle East LLC (SMEL) that’s involved in renting and leasing machines and equipment.
According to EOW officials, Wood illegally leased out SMEL’s assets to another firm, which in turn sold those assets to another company — Slipform Solutions India Private Limited (SSICPL), on Wood’s instructions. The accused holds 99% of shares and is also the director of SSICPL.
Following a complaint by SMEL representatives, a case was filed at the Narsingi police station in the last week of Nov. The case was transferred to EOW a couple of days ago due to the volume of the fraud.
As per the complaint, Wood was appointed general manager of SMEL in April 2011 to carry out the day-to-day activities to expand its activities in the UAE, GCC countries, and other parts of the world. Although he resigned from SMEL in Jan 2021, the firm found that some of its assets leased out to its clients were not returned, even after the completion of agreements with them.
“SMEL alleged that Wood used a similar sounding name — to make it appear it was like an Indian subsidiary — to influence existing and potential customers to divert SMEL’s business. This was done without authorisation and consent of SMEL,” an investigating officer said, adding SMEL also accused Wood of stealing its data, market research, and proprietary information, to grow business operations of his firm SSICPL.
SMEL allegedly found emails sent by Wood, wherein he breached his duties and entered into sale contracts for assets belonging to SMEL. “Using name and brand of SMEL, Wood illegally entered into contracts with several Indian customers for assets owned by SMEL,” said a Cyberabad police official.
