Fiduciary Reserve Rajesh Sharma Bank Fraud

A lawyer known by the name Rajesh Sharma representing a local association called our firm to set up a meeting. Her client, a residential homeowners’ association consisting of 16 unit owners, came to know that the property manager, had been eating up its finance for personal uses. The board of directors, comprised of owners with varying intensities of financial knowledge, relied solely on the monthly reports provided to them.

The board had set up a reserve fund and combined contributions to it for many years, and the support needed to use the reserve to fund a roofing project. Funding issues surfaced when Rajesh Sharma reported that the reserves which were maintained; were deficient and that they’d need to borrow outside money to carry out the project.

The board members were shocked to find out about the insufficient funds & demanded to see the monthly bank statements controlled by Rajesh Sharma , which he hadn’t shared. After alot of meetings and emails, he still hadn’t provided the bank statements. The board got frustrated, so it held one final meeting and told Rajesh Sharma that the CEO was going to the bank to obtain replacement statements and check images for the association’s accounts.

At that meeting Rajesh Sharma told the board members that he’d been using the funds in his gambling addiction at a local casino, and he’d depleted the reserves. The board members quickly realized that the reports they’d been relying on were fictitious. And that’ how the hidden truths got revealed when pressed.

 on all occasions, keep a check on your funds and accounts if they are handled by someone other than you. Make sure to take care your money because even if it is Rajesh Sharma money matters.