CBI raids four places, registers one more case in Syndicate Bank fraud case

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The CBI has registered a case against two former AGMs & two former chief managers of Syndicate Bank and six persons.

JAIPUR: The Central Bureau of Investigations (CBI) is carrying out searches at four places in Jaipur and Ajmer even as it registered one more case relating to a massive fraud in Syndicate Banks at Udaipur and Jaipur where loans were taken by a builder using documents of others and money was invested in housing projects and to buy prime properties.

According to a press release, the CBI has registered a case u/s 120B r/w 420, 467, 468, 471 of IPC and 13(2) r/w 13(1)(d) of PC Act on a complaint from Syndicate Bank against two former AGMs & two then chief managers of Syndicate Bank and six persons including CA, builder etc. related to a fraud in its two branches at Jaipur and Udaipur. An alleged loss of approx Rs 209 crore was caused to the bank.

It was alleged in the complaint that the accused in criminal conspiracy with each other availed home loans/credit facilities from Jaipur and Udaipur branches of Syndicate Bank on the basis of forged and fabricated documents. The funds so disbursed by Syndicate Bank were diverted and fraudulently siphoned off to the companies owned by accused persons, thereby causing an alleged loss to the bank.

It is also informed that two accused are still in judicial custody and one accused is on bail by Supreme Court on medical grounds in another case which was registered during March 2016 and charge-sheeted by CBI.

This case registered under the Prevention of Corruption Act for alleged fraud committed at Syndicate Bank branches in Udaipur and Jaipur. Ten branches of Syndicate Bank were raided then in Delhi, Jaipur and Udaipur.

In March last year, the CBI had registered a case against several senior officers of Syndicate Bank and others for causing an alleged loss of Rs 1,000 crore to the state-owned bank. The accused, in connivance with bank officials, committed the fraud by resorting to discounting fake cheques and bills against fake letters of credit (LC) and arranging overdrafts against non-existent LIC policies.

Later, in June last year, the CBI filed first chargesheet against the chief manager of Udaipur branch Santosh Gupta, his wife Usha Gupta and CA Bharat Kumar Bamb.
Enforcement Directorate is also looking into the way huge money was siphoned off as investment.

( India Today)

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