An accountant at a Manhattan-based real estate company has been charged with “siphon[ing] away approximately $600,000 to [his] personal accounts and/or other personal gains,” over a two-year period ending March 11, according to a criminal complaint filed by the Manhattan district attorney’s office.
In part, Ravi Loganathan, 53, a nine-year employee with hotel owner Panoramic Ace Properties, used a corporate credit card account to charge tens of thousands of dollars in unauthorized expenditures over a six-month period, the complaint says.
He worked at the company’s U.S. offices on West 37th Street. Panoramic own five hotels in the United States, two of which are in New York State. The company is part of a larger hotel operator and information technology company, India-based Panoramic Universal. Panoramic Ace Properties did not immediately return requests for comment. The case was first reported in the New York Post today.
Loganathan was arrested on first-degree grand larceny charges last Thursday and was indicted today although the updated charges were not immediately available.
The criminal complaint states that Loganathan “signed an affidavit in which he stated in substance: on or around March 2008, I commenced actions that would defraud the company for financial gain. I illegally siphoned away approximately $600,000 to my personal accounts and/or other personal gains.”
Loganathan’s attorney Aaron Wallenstein said his client denies making any unauthorized purchases.
“As far as any evidence… he denies any of that,” Wallenstein added.
Loganathan has no prior criminal record, the attorney said.
Loganathan is in jail on $75,000 bail. Wallenstein said his client was capable of making bail but was currently trying to work out the terms with the district attorney’s office.
If convicted of first-degree grand larceny, he could serve up to 15 years in prison. His next court date is April 7.
Have a tip? Send it to Amy Tennery at@therealdeal.com.