The Central Bureau of Investigation has arrested nine suspects in a fixed deposit scam in which funds to the tune of ₹45.4 crore, which were invested in a nationalised bank, were withdrawn fraudulently.
The agency had registered the bank fraud case in July 2020 on the basis of a complaint lodged by Indian Bank against its Koyambedu branch manager, a private person and unknown others accusing them of committing a fraud, forgery, and impersonation with the intention of cheating the bank to the tune of ₹100 crore.
Duplicate receipts
Investigation revealed that the bank suffered a loss of ₹45.4 crore by way of premature closure of the fixed deposits by the suspects who produced original receipts while issuing duplicate ones to the Chennai Port Trust authorities.
The money was transferred to 28 different accounts and later withdrawn by the respective account holders and handed over to the suspects.
Fake account
The CBI said that as part of the criminal conspiracy, the accused persons canvassed Indian Bank and Chennai Port Trust for opening of term deposits in the Koyambedu branch.
Between March and May 2020, 45 term deposits were opened. One of the suspects impersonated himself as Deputy Director (finance) of Chennai Port Trust and opened a fake current account in the name of CPT in the bank. Instead of delivering the original fixed deposit receipt to Chennai Port Trust, he submitted duplicate/forged bonds to the organisation.
Premature closure
Since the original receipts were in his possession, the suspect presented the same before the bank authorities and requested premature closure of the deposits within a few days of investment.
After crediting the money into the fake current account, he subsequently transferred the funds to 28 different accounts.
While Chennai Port Trust was continuously investing in term deposits, the accused were going in for premature closure.
Soon after detecting the fraud, the port authorities alerted the bank to freeze the term deposits to the tune of ₹100 crore. However, the suspects had by then swindled ₹45.4 crore.
The CBI had earlier conducted searches on the premises of the suspects at 22 locations, including in Chennai, Tirunelveli, Thoothukudi and Nagercoil, which led to the recovery of several incriminating documents and material evidence.
Of the nine arrested, eight were produced before the Special Judge for CBI cases, Chennai, and remanded in judicial custody. One accused person was taken to Tirunelveli for remand there.
CBI sources said the suspects invested the money in buying properties and also indulged in money lending. The branch manager of the bank has not been arrested so far.
