Nagpur, India- MIDC police have arrested Shrikant Vinayakrao Bondre, senior manager at Spacewood Company, on charges of misappropriating Rs 1.19 crore from the company. This case has highlighted serious financial issues within the company.

The investigation began in April following a complaint filed by director Vivek Moreshwar Deshpande (52). Apart from Shrikant Vinayakrao Bondre, who heads the institutional sales department, allegations have also been made against manager Vikrant Vinayakrao Kapse. They are accused of overcharging contractors for furniture installation and adding extra fees for services such as material transportation and relocation.

These irregularities were reportedly approved by Vinay Gharote. After the investigation, MIDC police filed a case against the accused. Bondre has been arrested and is currently in judicial custody awaiting legal proceedings.