One More Big Fraud by ATM Operator! Rs 1.9 crore embezzled over 4 months by Employee of Hitachi

A shocking case of financial fraud has been reported in Navi Mumbai, where an ATM cash loader working for Hitachi Cash Management Services Pvt. Ltd. has been arrested for allegedly embezzling ₹1.90 crore over a span of four months.

The accused, identified as Dhanraj Jitendra Bhoir, was responsible for loading cash into ATM machines located in Kamothe, Kalamboli, and Kharghar areas. His job involved replenishing ATMs with cash provided by various banks to ensure they remained operational for public use.

How the Fraud Was Carried Out

According to the police, between February 26 and June 30, 2025, Bhoir was assigned to handle the cash deposits for multiple ATMs in Navi Mumbai. However, instead of depositing the entire amount, he allegedly kept a portion of the cash for himself during each ATM refill. In total, the company discovered that ₹1.90 crore had gone missing from ATMs under Bhoir’s responsibility.

Fraud Detected During Internal Audit

The fraud came to light when Hitachi Cash Management Services noticed a mismatch between the actual cash present in the machines and the expected balance. A detailed six-month audit revealed that the shortage was specific to the ATMs handled by Bhoir. Realizing the seriousness of the issue, the company immediately approached the Kalamboli Police and filed a formal complaint.

Arrest and Ongoing Investigation

Based on the complaint, the Kalamboli Police launched an investigation and gathered technical evidence, which confirmed Bhoir’s involvement in the embezzlement. He was then arrested.

“We have arrested the accused and are currently investigating where the stolen money was used. We are also checking if any other individuals were involved in the crime,” said a Kalamboli Police officer.

Police officials said further questioning is underway to trace the missing funds and whether Bhoir operated alone or was part of a larger network. Authorities are also checking CCTV footage, call records, and financial transactions to get more details about the case.

This incident has once again raised questions about security and accountability in third-party ATM cash management services.

Earlier, a popular ATM cash management company AGS Transact Company’s Loan of Rs.385 crore had turned NPA. This company was providing cash management services to several banks in India but failed earlier this year. Several banks removed the services of this company citing poor services and other issues.