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Update: March 22, 2022 5:14 p.m. STI
New Delhi [India]Mar 22 (ANI): The Central Bureau of Investigation (CBI) on Tuesday arrested a Deputy Superintendent of the Chennai Port Trust (CPT) amid an ongoing investigation into a case related to an alleged bank fraud in which deposits fixed CPTs were fraudulently pre-closed.
The arrested accused was brought before the Special Judge, CBI Cases, Chennai, and remanded into custody.
CBI informed that they registered a case on July 31, 2020, on a complaint by Indian Bank, Chennai against two individuals; Indian Bank Branch Manager of Koyambedu Branch in Chennai, and other unknown officials and private persons on allegations of fraud, forgery, impersonation with intent to deceive the bank.
It was further alleged that a loss in the amount of Rs 45.40 crore was caused to Indian Bank through the seizure or pre-closing of several time deposits (fixed deposits) created in the name of Chennai Port Trust (CPT) and also transfer/withdraw said amount through various accounts etc.
The investigative agency also alleged that the defendants, in conspiracy with each other, solicited the bank and the CPT for the opening of term deposits in the Koyembedu branch, Indian Bank and, as a result, 45 term deposits (FD) were created during the period between March 2020 and May. 2020.
One of the defendants allegedly posed as the Deputy Director (Finance) of the CPT and opened a fake checking account in the name of the CPT at the Koyambedu branch, Indian Bank, according to CBI.
After the CPT’s investment was received on each occasion, the bank created time deposit receipts (bond) against said investment, and said bond was received by the defendant directly from the bank. Instead of handing over the original bond to the CPT, the defendant made double bonds and submitted the false bonds to the CPT, he added.
It was also alleged that having original bonds in possession, the accused presented the same in front of Indian Bank, Koyambedu branch and pre-closed time deposits one after another a few days after the deposits were created at term.
The money received from the pre-closing of term deposits was allegedly credited to the false current account created in the name of CPT by the defendant and then transferred to approximately 34 different accounts. This money was withdrawn by the 27 account holders and given to the defendants, CBI informed.
CPT was constantly investing in time deposits and these would have been pre-closed by the accused one after the other after the creation of the bonds by the Bank. In this process, a total of Rs. 100.57 crore (approximately) was transferred from CPT into five investments against which 45 term deposits of different amounts were created.
Out of the total amount invested, Rs. 55.19 crore could be frozen after detection of the fraud and the remaining Rs 45.40 crore was defrauded by the accused.
Searches were conducted earlier in 40 locations including Chennai, Tirunelveli, Tuticorin and Nagercoil, which led to the recovery of several incriminating documents and material objects.
In this case, a total of 17 people including two foreign nationals have been arrested and are in custody. Three indictments were also filed against 23 defendants.
Further investigation is underway. (ANI)