Rs 100 crore bank fraud case: CBI conducts searches in Chennai, arrests two foreign nationals

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New Delhi: The Central Bureau of Investigation (CBI) on Tuesday (September 21, 2021) arrested two foreign nationals in an ongoing investigation regarding a Rs 100 crore bank fraud case, where the fixed deposits of Chennai Port Trust (CPT) were fraudulently foreclosed. The agency said that searches at Ramapuram locality in Chennai led to them to two foreign nationals, alleged to be residents of Cameroon and Congo. 

According to the Central agency, the duo was allegedly on student visas and not in possession of original passports. The duo is to be produced before a Court in the city. 

Laptops, mobile phones, camera, printer, and documents related to the Kamarajar Port Trust, Chennai Port Trust, Bank Fixed deposits and logos of Different Indian-Government organizations were also recovered. 

Earlier on July 31, 2020, the CBI had registered a case in this regard, which was based on a complaint from Indian Bank, Chennai against two private persons - Branch Manager, Indian Bank, Koyambedu Branch, Chennai and other unknown public servants and private persons on the allegations of committing fraud, forgery, impersonation with the intention to cheat the bank to the tune of Rs 100.57 crore.

Another allegation was that a loss to the tune of Rs 45.40 crore was caused to Indian Bank by way of foreclosing/pre-closing of several term deposits (fixed deposits) created in the name of Chennai Port Trust (CPT) and also transferring/withdrawing the said amount through various accounts etc.

According to the probe agency, the accused are alleged to have conspired with each other and canvassed the Bank & Chennai Port Trust for opening term deposits in the Koyambedu Branch of Indian bank. In accordance with this, 45 Term deposits were created during the period between March 2020 and May 2020. 

It is also alleged that an accused impersonated himself as the Deputy Director (Finance) of Chennai Port Trust and opened a fake current account in the name of the Port trust at the bank branch. 

After the receipt of investment from the CPT on every occasion, the Bank created term deposit receipts (Bond) against the said investment and the said bond was received by the accused from the bank directly. Instead of delivering the original bond to CPT, the accused made duplicate bonds and submitted the forged bonds to CPT.

It was further alleged that having original bonds in possession, the accused had presented the same before Indian Bank, Koyambedu Branch and pre-closed the Term Deposits one after another within few days of the creation of term deposits. The money received from the pre-closure of Term deposits was then allegedly credited into the fake current account created in the name of CPT by the accused and subsequently transferred to 34 different accounts. This money was withdrawn by as many as 27 account holders and handed over to the accused persons.

CPT was continuously investing in term deposits and the same was allegedly pre-closed by the accused one after another after the bonds were created by the Bank. In that process, a total of approximately Rs 100.57 crore was transferred from CPT in 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 the detection of the fraud and the remaining Rs 45.40 crore was swindled by the accused.

The Central agency had earlier arrested nine accused and all are in judicial custody. 

Searches were also conducted earlier at 22 locations including Chennai, Tirunelveli, Tuticorin and Nagercoil.