₹79 Crore Siphoned Through Fake Vendor Accounts: ED Names Former US Club Official, Husband And Nine Others In PMLA Complaint

Mumbai, October 14, 2026 - The Enforcement Directorate (ED) has filed charges against former US Club deputy secretary Bernadette Bharat Varma, her spouse Bharatkumar Shankarlal Varma, and eight other individuals for allegedly misappropriating over ₹79 crore from the club's finances. The prosecution complaint was lodged on September 30 before a special PMLA court in Mumbai.

The accused are accused of transferring the funds through fraudulent vendor accounts. Bernadette, who had responsibility for the club's finances, allegedly misused her position to route Rs 77.52 crore into bank accounts opened in the names of imaginary vendors. Her husband allegedly established and operated numerous accounts using names similar to those of legitimate vendors to divert the funds.

The agency claims that the money was routed through a series of fictitious entities before being deposited into personal and joint bank accounts, as well as accounts belonging to relatives. Part of the alleged proceeds were used to purchase real estate, acquire fixed deposits, buy luxury vehicles, finance international travel, and maintain a lavish lifestyle.

The fraud was uncovered during an audit conducted by a chartered accountant in August 2024. The ED alleges that around Rs 11 crore was subsequently transferred to a foundation or trust following illegal demands made by the accountant, which were primarily used by the accountant and his relatives and associates. Earlier, the ED had provisionally seized various assets, including immovable property and movable assets such as fixed deposits and bank balances, valued at over Rs 47 crore.