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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Indian Bank    INDIANB   INE562A01011

INDIAN BANK

(INDIANB)
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Indian Bank : CBI, Chennai, books 57 for Rs 27 crore bank fraud

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06/13/2019 | 05:40am EDT

The anti-corruption bureau (ACB) of the Central Bureau of Investigation (CBI), Chennai, filed three cases on Monday pertaining to fraud of loans taken by several individuals from Indian Bank in the city.

A total of 57, including people as well as companies all based in Chennai, have been named as accused in the three FIRs. C Pari, a former chief manager of Indian Bank, Porur branch, is the government official named as accused in an FIR.

According to the FIRs, complaints were received from the zonal offices of Indian Bank that the bank was defrauded by people in connivance with branch managers, to misappropriate funds taken on credit.

The total amount defrauded is around Rs 27.6 crore in the three cases.

According to CBI, the borrowers availed themselves of Open Cash Credit (OCC) and trade finance from the bank in 2017. These were taken by partners or proprietors in the name of their firms. The borrowers were given OCC against primary securities in the form of hypothecation of stocks and book debts, collateral securities of the firms, finished products, raw material and stocks. The bank complained that the borrowers had availed the loans by misleading the bank.

The kingpin behind the fraud, also the accused number 1, is A Saravanan from Jayamkondan who is a resident of Mogappair, the bank said. He is also the partner in some of the firms which have been named as accused in the cases. In one case, he is a guarantor for a company.

For defrauding the bank, fake rental agreements, residential addresses, assets and liability statements, income tax returns, audited balance sheets and stock statements were given, the FIR stated. The loan amounts sanctioned by the bank were routed through a company, in which Saravanan was a partner. From there, funds were diverted to various irrelevant accounts of which some were found to be fraudulent, the bank said. The bank alleged that the accused created partnership or proprietorship firms for appropriating the funds.

Officials of the bank were found to be colluding by not following due procedure in releasing the money, thereby violating norms, the bank said in the complaint.

The CBI has charged the accused with cheating, forgery, dishonest misappropriation of property and relevant sections of the Prevention of Corruption Act.

(c) 2019 Global Data Point. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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