Mumbai Police book 3 ad firm employees for Rs 1.41 cr fraud using forged celebrity signatures

New Delhi: Three employees of a Mumbai-based advertising and talent management firm have been booked by the Amboli police for allegedly embezzling Rs 1.41 crore through a scheme involving forged signatures of prominent celebrities, including actress Athiya Shetty and cricketer KL Rahul.

The accused are said to have created fake project bills and diverted company funds, marking a significant case of corporate fraud in the city's advertising sector.

According to the news reports, the incident came to light following a complaint filed by Jeni Anthony, a 28-year-old employee of the firm, which has its headquarters in Haryana and a branch office in Andheri West.

According to police reports, the trio, identified as Rishabh Surekha, Yash Nagarkoti, and Ashay Shastri, conspired to siphon off funds by generating bogus invoices for non-existent advertising projects.

Surekha, who joined the company in July 2023 as a senior manager in client servicing and influencer marketing, played a central role in the operation. News reports stated that he was responsible for branding, coordinating with influencers, and overseeing project executions, which gave him access to key communications with the finance department and CEO.

Investigators allege that the accused forged signatures of Athiya Shetty and her husband, KL Rahul, on documents related to a fictitious ad project. They also created a fake email ID in the name of actor Arshad Warsi to push through approvals for these sham initiatives. Forged bills were raised in the names of reputed companies such as Havells, Mahindra Lifespaces, Realme Number Series, and Birla Estates, allowing the group to clear payments without any actual work or disbursements to the celebrities involved.

In one detailed example, the accused secured a legitimate advertising project for Havells featuring actress Dia Mirza. The actual payable amount to the production house, Hooray Movies (run by Nagarkoti as CEO), was Rs 31 lakh.

However, Surekha and Shastri allegedly inflated the project value to Rs 62 lakh, leading to excess payments and a subsequent dispute that helped uncover the broader fraud.

Surekha is further accused of misusing the company's official email to impersonate authorized representatives while dealing with talent agencies and clients. Over Rs 52 lakh of the embezzled funds were reportedly diverted directly into Surekha's personal bank account.

Adding to the suspicions, Surekha had availed an interest-free loan of Rs 15 lakh from the company shortly after joining, claiming it was for his mother's medical treatment. The company later discovered the discrepancies when no projects materialised with the named brands or celebrities, prompting an internal review that led to the police complaint.

The Amboli police registered a First Information Report (FIR) on Saturday, January 4, under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), which pertains to cheating.

No arrests have been made as of yet, with authorities stating they are in the process of verifying financial transactions, collecting documentary evidence, and tracing the full extent of the fund diversions.

A senior police official involved in the case noted that the investigation is ongoing, emphasizing the need to build a watertight case given the involvement of high-profile names.

This case highlights growing concerns over internal fraud in India's booming advertising industry, where influencer marketing and celebrity endorsements play a pivotal role.

The firm has not issued a public statement, but sources indicate it is cooperating with the probe to recover the lost funds.