Game Over: CFO's Trading Scandal Unravels
A former CFO of an online gaming company is accused of diverting company funds for trading, causing an estimated Rs 250 crore loss. Allegations include unauthorized financial activities leading to significant write-offs, as the company ceases operations due to new gaming regulations.
- Country:
- India
A shocking revelation has emerged from an online gaming company, where former Group Chief Financial Officer, Ramesh Prabhu, stands accused of diverting company funds. Prabhu allegedly invested these funds in futures and options trading, causing an estimated loss of Rs 250 crore, as per police reports.
The Marathahalli police registered the case on September 9, following a complaint by Assistant Vice President Gulshan Yadav. Charges under Bharatiya Nyaya Sanhita include criminal breach of trust, cheating, and forgery. The gaming company has halted its operations as per the new Online Gaming Act of 2025.
Ramesh Prabhu admitted his misconduct via email, detailing unauthorized transactions over the past years. Despite his responsibility acknowledgment, he remains untraceable since March. The company's financial review confirmed unauthorized transactions amounting to Rs 231.39 crore, forcing a write-off of Rs 270.43 crore.
(With inputs from agencies.)
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