INDIANAPOLIS -- An Indianapolis man has been charged with four counts of theft for allegedly taking nearly $1 million from his former employer, according to Marion County Prosecutor Terry Curry.
Curry said Thursday that Firooz Zandi is accused of siphoning $954,729 from K & S Engineers, Inc., in Beech Grove, while he was employed as an engineer in charge of day-to-day operations from 2013 to 2015.
“The allegations of this matter are yet another example of the theft which can occur when a sole ‘trusted’ employee has unfettered control over the company finances,” said Curry. “We cannot emphasize enough that businesses must have cross-check procedures in place in order to prevent misappropriation by an unsupervised employee.”
According to the probable cause affidavit, company officials began an internal investigation in 2014 when they say Zandi told them he borrowed $53,000 and intended to repay the money.
The initial internal investigation also revealed that Zandi allegedly had invoiced and received funds from clients without forwarding the billing information or payments, according to company officials. Zandi was terminated in 2015.
In addition, the probable cause affidavit states that an expanded internal investigation by the company revealed that Zandi allegedy opened a business checking account in 2009 without the company’s consent or knowledge.
After the discovery of the bank account and related records, the company reported those allegations to the Marion County Prosecutor’s Office in 2017.
In an interview with the Grand Jury Investigator, Zandi allegedly admitted he took money from K & S Engineers. He reportedly also stated that he had paid back some of the funds and intended to repay the full amount.
Zandi has been charged with two counts of Theft as Level D Felonies for allegations prior to July 1, 2014, and two counts of Theft as Level 5 Felonies for allegations on or after July 1, 2014, due to the criminal code revision which went into effect on that date.