An intern at Deloitte has raised a debt of over $8000 gambling using his company issued credit card. This raises the issue of the misuse of the corporate credit card system.
The intern Umar Qureshi lost money online in the months on October through November of 2008. He raised a debt of $8000 using his Deloitte credit card and laptop. Qureshi told the company that the charges were due to fraud cases and not due to his gambling problem. He managed to keep them convinced of and left the company is January 2009.
Umar Qureshi created his debt on an online gambling website. Gambling can be a very serious addiction and this is not the first time such incidents have happened. A KPMG employee in the past had raised a debt of $25,000 on his corporate credit card and is only of the many people who have been caught on similar cases.
The Institute of Chartered Accountants in England and Wales "ordered that the defendant cease to be a provisional member and be ineligible for re-registration for six months, and that he be severely reprimanded." Accountancy Age reported. Most experts believe that Qureshi will be made to attend "Diversifying Business Standards" by Barry Salzberg who will be going over topics that don't have much to do with "218 reprimands for failure to meet mandatory training requirements"
The Institute of Chartered Accountants in England and Wales (ICAEW) proved the charges against the employee and he admitted to the charges and to conning his employers.
Qureshi said his gambling problems were due to the depression from his father's death. He also enrolled himself with Gambling Anonymous and was in sessions to get his problem under control. Quareshi was saved as his family member paid the debt and cleared his debt with Deloitte.
Deloitte had terminated his contract in January 2009 after a discussion with the board.
Punit Renjen, CEO of Deloitte Consulting. Based is hopig to keep Deloitte on the remains on the "Best Places to Work" list and hopes the incident will not taint the repuration on his firm. Renjen said "I set pretty high goals for myself. They're usually higher than what most other people set for me," he says. "And I'm very driven to achieve them."
Punit Renjen, CEO of Deloitte Consulting has caused the company increased growth over the last few months and would not wish to see his company affected by its student interns.