RCF reports theft of 62 cheques worth ₹31 crore

The RCF police in Chembur, Mumbai, have filed a theft case after Rashtriya Chemicals and Fertilizers (RCF) reported that 62 cheques worth ₹31 crore were stolen. RCF is a government-run company that produces fertilizers and industrial chemicals. The theft was discovered when Mahesh Rana from RCF’s cash department noticed a suspicious cheque for ₹48.50 lakh. This cheque was deposited at the Malwani branch of Kotak Mahindra Bank by someone named Sameer Faiz Alam. Rana immediately informed officials at the State Bank of India’s Fort branch, stopping the payment. Further investigation revealed the cheque bore a handwritten payee name, unlike RCF's usual printed names. When shown to RCF’s finance manager and authorized signatory, they confirmed they did not sign the cheque. An internal check found that 62 cheques were missing. The company believes the theft happened around November 22. On February 3, RCF formally reported the theft to the police. They also asked the State Bank of India to prevent payments on all missing cheques. Despite the alert, another attempt to cash a stolen cheque occurred on February 24. This cheque, worth ₹49.99 lakh, was deposited at an HDFC Bank branch in Bihar. RCF authorized signatories identified it as a forgery. On March 5, RCF made a second complaint to the police. Thanks to the vigilant accounts department, both attempts to withdraw money were stopped. If the theft had succeeded, fraudsters could have withdrawn a total of ₹31 crore. The police are investigating the case under several sections of the law related to theft, forgery, and cheating.