CHENNAI: The Central Bureau of Investigation (CBI) filed a chargesheet against 18 people including then manager in connection with an alleged fraud in “pre-closure” of Chennai Port Trust’s fixed deposits causing loss of Rs 45 crore to the Indian Bank.
The agency has named A. Sermathi Raja, then Branch Manager of Indian Bank’s Koyambedu Branch in Chennai, V. Sudalaimuthu, V. Manimozhi, N. Ganesh, J. Selvakumar, A. Arun, M. Vijay Heralld, M. Rajesh Singh, S. Siyadh, S. Afsar, K. Zakir Hussain, V. S. Arumugham, V. Jegan, M. Mohammed Siyad, M. John Mento, S. H. Noor Mohamed, C. Meldar and A. Mathusoothanan in connection with the case, shared CBI Spokesperson RC Joshi. Also Read: Delhi Bazaar Web Portal To Help Businessmen Sell Their Product Globally
The agency had registered a case on July 31 last year on the basis of a complaint filed by Indian Bank Zonal office-Chennai (North) against the Branch Manager and others including public servants on the allegations of cheating Indian Bank by “pre-closing” the Term Deposit Accounts (Fixed Deposits) standing in the name of Chennai Port Trust with Indian Bank.
It was alleged that the accused committed the offence of criminal conspiracy, Impersonation, fabrication of false documents, submission of forged documents, criminal misappropriation, Criminal Breach of Trust, fraudulent transactions etc. and caused wrongful loss of Rs 45.4 crore to the bank. The CBI had carried out searches at 28 places in Tamil Nadu and Kerala which led to recovery of several incriminating materials and evidence.
“During probe, it was found that the accused allegedly exploited the situation of investment of surplus cash available with CPT in the form of Term Deposits or 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,” the official said.
The agency alleged that the fraudsters exploited the situation to their benefit by approaching the branch manager and also Chennai Port Trust and enticed/induced the bank manager to participate in the tender.
A. Sermathi Raja along with other accused allegedly accepted the proposed investment and actively participated in the bidding floated by CPT by quoting 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 CPT and got the investment in the form of Term Deposits of Rs. 100.57 crore during the period between March and May 2020, the CBI said.
After the FD was created, the FD receipts (Bond) against the investment were allegedly handed directly to the fraudsters by A. Sermathi Raja instead of delivering the same in person to the investing organisation. Also Read: Deshmukh Family Allegedly Used 27 Companies To Launder Money; ED Tells Court