Two corporate honchos, with their sharp management and banking expertise, respectively, swindled close to Rs 2 crore in a scam that came to light almost five years after it began. The two, arrested in July this year, were remanded in police custody by the Magistrate Court on Wednesday. The MIDC police, Andheri, had arrested Kaushalya Negi, assistant general manager (AGM), Datamatics, a US-based company and her brother-in-law Simmi Sebastian, vice-president, CitiBank for the fraud that was reported last year.

The scam first came to light when a vigilance department conducted the audit of Negi's company, Datamatics, in September 2018, and noticed some discrepancies with regard to the transfer of company funds. The vigilance team immediately informed the police about it and a case was registered after a primary investigation into the matter on July 27.