Rs. 1.53 Crore Fraud at IOCL Gujarat Refinery: CBI Books Former Finance Manager

Vadodara: The Central Bureau of Investigation (CBI), has booked one Sejal Kolhatkar, a former Senior Finance Manager at Indian Oil Corporation Limited (IOCL), for allegedly carrying out a financial fraud involving sum of ₹1.53 crore.

As per the FIR filed at the CBI’s Anti-Corruption Branch (ACB) in Gandhinagar, while posted at the Gujarat Refinery in Vadodara, between March 22, 2024, and June 2, 2025, Kolhatkar misused his official position to fraudulently divert funds to four private vendors. These vendors included M/s Telcom Electronics, M/s Bharatiya Construction, M/s Alfa Electricals, and M/s P.S. Engineering.

As per the CBI, Kolhatkar generated and approved payment vouchers without any supporting documents. To orchestrate the fraud, he allegedly misused the IDs of junior employees to create “maker” entries while acting as the “checker” and “final approver” himself.

The scam came to light after a detailed internal vigilance probe by IOCL. During the probe, the scrutiny of bank statements showed direct evidence of personal gain. Kolhatkar reportedly received ₹30.5 lakh from M/s Telcom Electronics into his personal State Bank of India (SBI) account in three installments. Additionally, M/s Bharatiya Construction deposited ₹3.5 lakh into his wife’s bank account.

Kolhatkar is also accused of misappropriating a House Building Advance (HBA) loan of ₹74 lakh, which was disbursed by IOCL, by using it for personal investments instead of its intended purpose.

The FIR was registered earlier this week, following a written complaint by Rajiv Kacker, Executive Director (Vigilance) at IOCL. The CBI has booked Kolhatkar under various sections of the Bharatiya Nyaya Sanhita (BNS) and the Prevention of Corruption Act, including criminal conspiracy, falsification of accounts, and criminal breach of trust by a public servant.

Kolhatkar, who was most recently posted at the Gujarat State Office in Ahmedabad, is currently under suspension. The CBI investigation, led by Inspector Neeraj Kumar, is ongoing to identify the involvement of other public servants or private individuals, if any. DeshGujarat