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Thread: Goldman Sachs Senior Executive in India Stole $5.3 million To Pay Down Poker Debt

  1. #1

    Goldman Sachs Senior Executive in India Stole $5.3 million To Pay Down Poker Debt

    A senior Goldman Sachs exec working in India was arrested for stealing Rs. 38 crore ($5.3 million in USD) from the firm to pay down his gambling debts:

    A senior executive of global investment firm Goldman Sachs was arrested in Bengaluru on Tuesday for allegedly swindling the firm of Rs. 38 crore to overcome financial losses while playing an online game recently.

    Ashwani Jhunjhunwala, the firm's vice president, has been arrested and will be produced in court, deputy commissioner of police MN Anucheth told news agency PTI.

    Based on a complaint by the legal head of the company Abhishek Parsheera, a case has been filed against Ashwani Jhunjhunwala and his aide.

    According to the police complaint, Ashwani Jhunjhunwala had used his three subordinates Gaurav Mishra, Abhishek Yadav and Sujith Appaiah to swindle money. He had allegedly logged on to their office systems on the pretext of training them.

    "While working on their computers, he sent them away on some or the other pretext such as bringing water and logged on to their system.

    Then, he transferred Rs. 38 crore in two instalments to the Industrial and Commercial Bank of China illegally," the FIR said.

    His accomplice Vedant, who has been terminated from the company for fraudulent activities, had allegedly connived with him to siphon off the money.
    The company stated in its complaint that Ashwani Jhunjhunwala had lost $70,000 while playing online poker. He had also obtained loan of Rs. 25 lakh ($25k) and personal loans from a few others.
    Jhunjhunwala is facing a potential of 27 years in prison and large fines.

    https://www.businesstoday.in/current...ry/378341.html
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  2. #2
    Owner Dan Druff's Avatar
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    What I don't understand:

    1) Why did he steal $5.3m in order to cover a $70k poker debt?

    2) Which poker site let him play $70k on credit?

    Something doesn't add up here.

  3. #3
    Quote Originally Posted by Dan Druff View Post
    What I don't understand:

    1) Why did he steal $5.3m in order to cover a $70k poker debt?

    2) Which poker site let him play $70k on credit?

    Something doesn't add up here.
    he might have been able to play on credit on one of those poker club apps based out of asia..

  4. #4
    Quote Originally Posted by Dan Druff View Post
    What I don't understand:

    1) Why did he steal $5.3m in order to cover a $70k poker debt?
    I'd guess he had way more debts than this one, but it was the one the investigator could actually confirm. I am sure the "personal loans" were way more.
    http://www.miraclecovers.com

    "Donk down, thatís what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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