Bengaluru: Management consultant held for fraud

Bengaluru: Cyber Crime officials on Sunday arrested a management consultant for allegedly siphoning off funds and stealing data belonging to an education group that runs a chain of schools in Dubai and Sharjah.

The accused has been identified as Abhilash Rao Magavanna (35), resident of Bharath Nagar in BEL Layout. Rao was arrested based on a complaint filed with Indiranagar police by the management representatives of IQRA Group, headquartered in Dubai.

The police have seized 12 laptops, eight debit cards and one mobile phone, all worth over Rs 7 lakh from the accused.

In his complaint to the police, the victim stated that Abhilash Rao had befriended CEO of the company while studying at Indian Institute of Technology (IIT)-Madras, and gained trust and joined the latter's company, IQRA Education, as a management consultant.

During this period, he allegedly fabricated documents belonging to company, opened a different bank accounts and started diverting funds to the tune of Rs 7.5 crore and  also stole data belonging to the company.  Rao has been remanded to judicial custody. 

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