Man jailed for theft of £800,000

A former vice president of an asset management company who stole more than £800,000 from his employer has been jailed.

Sunil Jain, 40, of Middlesex, has been sentenced to five-and-a-half years in jail after he was convicted of a charge of theft by employee.

Jain was sentenced at Harrow Crown Court on Friday, 9 June, after he was found guilty following a four-week trial at the same court in May.

Jain was employed by First International Group as Vice President of Finance from 2010 to 2014. Officers from the Met’s Fraud and Linked Crime Online (FALCON) Unit began an investigation in September 2014 after a case referral from Action Fraud.

An internal audit of the company had revealed Jain had made unauthorised payments into his own personal bank account by creating fake invoices or by making direct transfers unsupported by invoices.

Jain, who had responsibility for posting the company’s accounts online, entered false details to hide the payments.

The investigation revealed that Jain used a former employee’s banking fob to ensure he was able to bypass the company’s internal finance controls, which required two counter signatories.

The offences are believed to have taken place between 2011 and 2014 and resulted in a loss to the company of £818,702.

Detective Constable Ingrid Schuetterle, of the Met’s Fraud and Linked Crime Online (FALCON) Unit, said, “Jain abused his position of trust as the chief financial officer of an asset management company to steal a substantial amount of money.

“He used his knowledge of the company’s accounting system to hide his fraudulent activity. Jain has shown no remorse for his actions and it is clear that he would have continued to steal money unless he had been caught and prosecuted.”

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