Bengaluru employee accused of misusing ₹7 crore for online gambling

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A 23-year-old employee of a leading financial services company has been booked by the Ashok Nagar police for allegedly misusing nearly ₹7 crore of company funds in online gambling. The suspect, identified as Srikanth K, joined the company in August 2023 and was entrusted with managing payments for operational expenses. He now faces charges of cheating and criminal breach of trust.

According to the FIR, Srikanth misappropriated ₹6,86,51,160 between June 1, 2024, and December 31, 2024. The funds, which were intended to pay electricity bills for Swiggy, a prominent food aggregator, were instead diverted to an online gambling platform, BetinExchange247.com.

As reported by Deccan Herald, fraudulent activity came to light during an internal audit conducted by the company. Upon being confronted with discrepancies in the financial records, Srikanth reportedly admitted to the embezzlement. He confessed to using the company’s funds for online gambling, violating both company protocols and legal boundaries.

Srikanth’s role required him to handle payments for the food aggregator’s electricity bills, a task that gave him access to significant amounts of money. Instead of processing the payments as intended, he allegedly transferred the funds to his account and used them to gamble on the BetinExchange247 platform. The company grew suspicious when the payments remained pending, prompting a detailed review of transactions, which exposed the financial misconduct.

The Ashok Nagar police have registered a case and are conducting a thorough investigation into the incident. Investigators are analyzing transaction records and the flow of funds to determine whether Srikanth acted alone or if others were complicit.

Between June and December 2024, Srikant diverted a total of ₹6,86,51,160 to BetinExchange247 through a private IT company. The fraud came to light when Swiggy, during its audit, found the money transactions amounting to around ₹7 crore deposited to the online betting company’s account and brought it to the notice of senior management. The company then summoned Srikant, who allegedly admitted to the crime.

“This is a serious breach of trust. The funds were meant for business operations but were blatantly misused for personal gain. We are working on tracing the money trail and will take appropriate action,” said an official involved in the investigation.

The incident has raised concerns about internal controls and the growing lure of online gambling platforms, which have increasingly become a source of financial strain and addiction for many individuals. Experts have urged companies to tighten their monitoring systems and implement stricter financial checks to prevent such misuse.

This case is one of the many recent instances highlighting the risks of unregulated access to company finances and the potentially devastating impact of online gambling.

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