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Five years jail for employee who stole almost $1m

An accountant who stole almost $1 million from his employer over three years and spent it on gambling and booze has been jailed for five years.

Adi Narayan, 51, of Forde, pleaded guilty in the ACT Supreme Court to five charges relating to 106 different occasions he illegally siphoned money into accounts controlled by him or his friends.

At a sentencing hearing last month, the court heard Narayan used his position as financial controller of construction company G.E. Shaw to steal $987,000 from November 2008 to February last year.

The Crown said the other recipients would pay Narayan half the money in cash and he would then use the ill-gotten gains to gamble and drink.

The court heard Narayan, who suffers bipolar disorder, was in the grip of a mania during the entire period and was having auditory hallucinations.

Voices he heard told him he was a financial genius who had saved the company millions of dollars and that his employer owed him money as a result.

Narayan's duplicity went undetected for three years as he had sole control of the company's financial system.

However, the rort was exposed after a temporary employee took the financial reins from the defendant when he was ill.

The court heard more than $250,000 had been paid back to G.E. Shaw after it began civil proceedings against Narayan's alleged co-conspirators.

Chief Justice Terence Higgins on Friday said he accepted the defendant's remorse at the theft.

But the judge said jail was the only option for the ''enormous'' theft by a ''trusted employee''.

Chief Justice Higgins sentenced Narayan to five years behind bars, with two years to be served in full-time custody.

He ordered a further 18 months be served as weekend detention and the remaining time suspended upon entering a good behaviour order.

The court heard more than $250,000 had been paid back to GE Shaw after it began civil proceedings against Narayan's alleged co-conspirators.

Chief Justice Terence Higgins said he accepted the defendant’s remorse at the theft.

But the judge said jail was the only option for the "enormous" theft by a "trusted employee".

Chief Justice Higgins on Friday sentenced Narayan to five years behind bars, with two years to be served in full-time custody.

A further 18 months will be served as weekend detention and the remaining time suspended upon entering a good behaviour order.

 

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