Ex-official’s arrest ‘a turning point for Pacific Controls’
COMPANY CONFIRMS NARASIMHAN DETAINED IN DUBAI OVER MISSING FUNDS
Business Editor
Aformer top official at Pacific Controls — accused of complicity in Dh370 million of missing company funds — has been detained by Dubai authorities. It is believed that the individual had flown into the country to dispose of some properties he had in the city, which was when the authorities picked him up.
There is a travel ban against the official, company sources added.
“It is unimaginable how such vast quantum of wealth has been accumulated by Mr Srinivasan Narasimhan,” said a Pacific Controls spokesperson. “A criminal case has been filed with Dubai Police and Mr Narasimhan is answerable to the fraudulent activities conducted by him at Pacific Controls.”
Saddled with debt
The Jebel Ali-headquartered company had been one of the pioneers in sustainability solutions, but in 2016 stumbled badly after it found itself in a position where it was saddled with heavy bank exposures.
The company was founded by Dilip Rahulan, who too has not been in the country for some time. There is also a case pending against Rahulan.
It was also the time when an audit found that the company had a Dh370 million hole, which it could not account for and set in motion a events that nearly brought the business down.
The detention of Narasimhan is a “turning point in the journey towards recovery of PCS,” the spokesperson added.
“The management has been relentlessly working to restructure, pay back debts and bring the company back to its former glory.
“The company’s technology, innovations and contributions through its data centre infrastructure and cloud computing services are still being offered to both government and private sectors.”
According to information available, the current Pacific
Controls management had lodged a complaint with Dubai Police that the finance manager (Narasimhan) and his team fraudulently created and operated bank accounts in the company’s name, using fake signatures of Rahulan without his knowledge and consent.
“Srinivasan converted the company’s banking facilities into cash, creating and operating fake bank accounts in the company’s name, and transferring hundreds of millions of dirhams,” a source said.
“Due diligence and asset tracking conducted by independent agencies have indicated that Srinivasan and his family are owners and directors of several companies in India, owning properties registered in third-party names.”