A former senior employee of a multinational bank has been arrested for allegedly siphoning off Rs.6.65 crore on the pretext of disbursing working capital demand loan (WCDL).
Tejash Mukesh Mehta worked as an associate director with the client coverage unit of Standard Chartered Bank. “He used to liaison with various clients of the bank and was primarily involved in disbursal of WCDL. He forged the request letters of some prominent clients of the bank who were availing themselves of the loan facility and had in the past sent request letters for loan sanction and disbursal. The accused forged requests by scanning the original request letters and altering the date of request, amount, rate of interest and the period, but keeping the letterhead and the signature of the client unchanged,” said a police officer. Mr. Mehta would allegedly fax the forged request letters to the processing team for consideration. After processing, the loan amount would be credited to the account of the client. Subsequently the accused would forge another letter in the name of the same client and get the money transferred to his account. He also allegedly got money transferred from one account to another on verbal directions.
During interrogation, the accused disclosed that he had lost huge sums of money in the share market. He then allegedly planned to siphon off money from the bank accounts by raising fake demands for loans. He would also allegedly roll the funds from one account to the other to evade detection.