Chargesheet filed by CBI in Rs 1000-crore Syndicate bank fraud

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CBI filed the chargesheet on the basis of a complaint received from Syndicate bank against its General Manager and others at the bank’s branches in Delhi and Jaipur.

NEW DELHI: Central Bureau of Investigation has filed a chargesheet against the chief manager of Syndicate Bank at Udaipur in Rajasthan Santosh Kumar Gupta, his wife Usha Gupta and CA Bharat Kumar Bamb, under several sections of cheating and forgery.

This case was registered on 7 March 2016 on the basis of complaint received from Syndicate Bank U/s 120-B r/w 409, 420, 467, 468, 471 of IPC and Sec. 13(2) r/w 13(1)(c) & (d) of Prevention of Corruption Act against its general manager and others at New Delhi and Jaipur Syndicate Bank branch. This complaint was filed for causing an alleged loss of Rs 1000 crore (approx.) to Syndicate Bank.

As per allegations, accused persons in connivance with the bank officials committed the said fraud by resorting to discounting of fake cheques, fake bills against fake LC’s and arranging overdraft limit against non-existent LIC Policies at two Jaipur Branches – Malviya Nagar and MI Road and one Udaipur Branch of Syndicate Bank. Searches were conducted on March 8, 2016 at 10 locations including Jaipur, Udaipur and New Delhi which led to recovery of incriminating documents. On March 18 2016, CBI arrested a chartered accountant of Udaipur and a businessman/real estate developer of Jaipur, in the on-going investigation of the case.

CASH RECOVERED

During further searches, cash approximately worth Rs 66 lakh, certain electronic hard drives etc. and incriminating documents were recovered from the CA’s house. Around Rs 20.98 lakh was also recovered on April 26 this year from another CA employee.

PREVIOUS ARRESTS

During the investigation, CBI arrested the chief manager of Syndicate Bank, Udaipur Branch and a private person on June 6 this year. The said private person had allegedly conspired with the chartered accountant and others by providing forged and false cheques which were used to siphon off the bank funds. The then chief manager of Udaipur Branch allegedly discounted the forged cheques presented by accused persons and exceeded his sanctioned powers while discounting the forged cheques.

It was also found that the wife of the then chief manager was allegedly involved in the conspiracy as she had received approximately Rs 5.7 crores out of the defrauded bank funds as beneficiary and co-conspirator with her husband and others. It was also found during investigation that LIC policies pledged against loans were allegedly fake.

LIC policies were allegedly issued in the name of different persons for different terms and sum assured and, therefore, were found to be forged and false. After thorough investigation, CBI has filed the first chargesheet. Investigation is on to unearth the role of other accused persons in the said case.

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