Chennai: The Central Bureau of Investigation (CBI) on Wednesday said it has filed a chargesheet against 18 accused on the allegation of causing a loss of about Rs 45.40 crore to Indian Bank.
According to the CBI, the chargesheet is filed against the then Branch Manager, Indian Bank, Koyambedu Branch here and private persons in the case of foreclosing the fixed deposits in the name of Chennai Port Trust.
The CBI had registered a case on 31.07.2020 on a complaint from Indian Bank, Chennai against two private persons, Branch Manager, Indian Bank, Koyambedu Branch, Chennai and other unknown public servants and private persons on the allegations of committing fraud, forgery, impersonation with the intention to cheat the bank to the tune of Rs 100,57,50,000 (about Rs 100.57 crore)
It was further alleged that a loss to the tune of Rs 45,40,65,000 was caused to Indian Bank by way of foreclosing/pre-closing of several term deposits created in the name of Chennai Port Trust and also transferring/withdrawing the said amount through various accounts.
Searches were earlier conducted at around 28 places in Tamil Nadu and Kerala which led to recovery of several incriminating materials and evidence.
During investigation, 12 persons were arrested including two foreign nationals, then Branch Manager, Indian Bank and they are presently in judicial custody, the CBI said.
According to the CBI, the accused allegedly exploited the situation of investment of surplus cash available with Chennai Port Trust in the form of Term Deposits/Fixed Deposits with the banks for earning interest through limited tender process and also the willingness of the bank to attract investment in the form of term deposits.
It was alleged that the fraudsters exploited the said situation to their benefit by approaching the Indian Bank Branch Manager and also Chennai Port Trust and enticed/induced the former to participate in the tender.
It was further alleged that the bank manager in conspiracy with other accused accepted the proposed investment and actively participated in the bidding floated by Chennai Port Trust by quoting an arbitrarily higher interest rate for the proposed investment than the maximum allowable interest rate of the bank with the intention to win the bid.
Indian Bank, Koyambedu branch was successful in five tenders floated by Chennai Port Trust and got the investment in the form of term deposits of about Rs 100.57 crore during the period between March and May 2020.
The CBI said the bank manager instead of handing over the fixed deposit receipts to Chennai Port Trust gave it to the fraudsters.
The fraudsters in turn created forged fixed deposit receipts and submitted the same to the Chennai Port Trust.
One of the accused allegedly impersonated himself as Deputy Director (Finance) of Chennai Port Trust and opened a fake current account in the name of Chennai Port Trust at Koyambedu Branch, Indian Bank.
With the original bonds in possession, the accused allegedly presented the same before Indian Bank, Koyambedu Branch and pre-closed the term deposits one after another within a few days of the original deposit.
The money received from the pre-closure of term deposits was allegedly credited into the fake Chennai Port Trust current account opened by the accused and subsequently transferred to 34 different accounts.
This money was withdrawn by the 27 account holders and handed over to the accused persons.
In that process a total of Rs 100.57 crore was transferred from Chennai Port Trust in five investments against which 45 term deposits of different amounts were created.
Out of the total amount invested, Rs 55.19 crore could be freezed after the detection of the fraud and remaining Rs 45,40,65,000 were swindled by the accused.
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