The CBI has registered a case against five officials of the Syndicate Bank and three private persons for causing an estimated loss of Rs1,000 crore and conducted searches at 10 locations in three cities including the national capital.
The agency has booked the then General Manager and five officials of Syndicate Bank including a chartered accountant and three private persons for allegedly causing the loss to the bank.
The CBI has registered the case on a complaint from Syndicate Bank for Indian Penal Code offences including criminal conspiracy, cheating and forgery among others besides violations under the Prevention of Corruption Act against then General Manager, FGM Office, Syndicate Bank, New Delhi; then DGM, Regional Office, Syndicate Bank Jaipur; then Chief Manager, MI Road Branch, Syndicate Bank, Jaipur; then AGM, Malviya Nagar Branch, Syndicate Bank,Jaipur; then AGM, Syndicate Bank, Udaipur; a Chartered Accountant. Others booked include two private persons from Udaipur; a private person of Jaipur; certain private companies and other unknown public servants and private persons for causing an alleged loss of about Rs1,000 crore to Syndicate Bank.
“The accused persons allegedly in connivance with the Bank officials committed a fraud of Rs1,000 crore by resorting to discounting of fake cheques and bills against fake letters of credit lCs and arranging over-draft limit against non-existent lIC Policies,” a CBI spokesperson said.
The said fraud was allegedly committed at branches of Syndicate Bank at Malviya Nagar and MI Road branches in Jaipur and Udaipur branch (Rajasthan).
Since 2011, the bank officials of said branches at Jaipur and Udaipur allegedly colluded with private persons / customers and resorted to discounting of fake cheques, fake Inland Bills and arranging over-draft limit against non-existent lIC polices.
The amount involved in individual transactions ranged from Rs40 lakh to Rs5 crore but majority of them were in the range of Rs2.5-4.0 crore. To avoid detection, many of these transactions were nullified from the proceeds of new fraudulent transactions.