CBI books Syndicate Bank officials in Chennai in ₹30 crore cheating case

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The Central Bureau of Investigation has registered a case against three bank officials, directors of a private firm and others for allegedly colluding to cheat Syndicate Bank of ₹30 crore. ​

Acting on a complaint lodged by the bank authorities, the CBI’s Anti-Corruption Branch here booked M/s Shinago Infrastructure and Resources Ltd. for issuing a Letter of Credit worth several crores of rupees to M/s Balaji Associates & M/s Karpaga Vinayaga and Co. in gross violation of norms with the malafide intention of facilitating the borrower. ​

The complaint alleged that M/s Shinago Infrastructure and Resources Ltd., Chennai, is dealing in the distribution of coal and other minerals/ores with Shivgan K. Patel, Nathu K. Patel, Mahesh G. Patel and Gopal K. Patel as its directors. The company enjoyed credit facilities at Syndicate Bank, Anna Salai Branch, Chennai, under the consortium agreement with Punjab National Bank as leader. A preliminary enquiry revealed that the company prepared vouchers manually with no entry made in the system which was against the established guidelines. ​

The firm’s account became NPA and was declared fraudulent with an outstanding due of ₹30.93 crore. An internal enquiry conducted by the bank concluded lapses on the part of bank officials Rajesh Singh, Assistant General Manager, D. Gowri Shankar, Assistant Manager and M. Sampath Kumar, Assistant Manager, who served in the Anna Salai branch of the bank when the offence took place. Accused bank officials, company directors and others were booked under the provisions of the Prevention of Corruption Act, 1988.​

Explaining how unauthorised bills were discounted against the Letter of Credit to defraud the bank, the internal enquiry said that the accused businessmen colluded with the employees of Syndicate Bank, Anna Salai Branch and SME Branch, Thuvakkudi, Tiruchi, to commit the offences of cheating and criminal breach of trust.​

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Printable version | Oct 20, 2020 10:33:26 PM |

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