Hyderabad, Aug 30 (PTI) A case was registered against an assistant manager of the Insurance and Regulatory and Development Authority of India (IRDAI) for allegedly siphoning off over Rs five crore from the authority.

The assistant manager allegedly diverted the amount to his bank accounts and those of his relatives over a period of two years by producing fake invoices of payments to be made to other entities by IRDAI, police said on Saturday.

The alleged offence came to light when an entity pointed out that it did not receive the payment, they said.

The case was registered by the Economic Offences Wing of Cyberabad police under relevant sections of law about a week ago after an official complained to police, police said, adding that investigation was underway. PTI SJR GDK SJR ROH

Embezzlement allegation: regulatory employee accused of diverting public funds via fake invoices, criminal probe underway. An assistant manager of a regulatory authority is alleged to have siphoned off public funds by producing fake payment invoices and diverting disbursements into his and relatives' bank accounts over a period of years; the misappropriation was detected when an expected payee did not receive payment. After an internal complaint, the Economic Offences Wing registered a criminal case under relevant financial fraud provisions and is investigating the forged invoices, transaction trails, and potential accomplices.