CBI arrests Chennai Post Trust official in alleged fraud case

New Delhi [India], March 22 : The Central Bureau of Investigation (CBI) on Tuesday arrested an Assistant Superintendent of Chennai Port Trust (CPT) in an ongoing investigation of a case related to an alleged bank fraud in which fixed deposits of CPT were pre-closed fraudulently.
The arrested accused was produced before the Special Judge, CBI Cases, Chennai, and remanded to Judicial custody.
CBI informed that they had registered a case on July 31, 2020, on a complaint from Indian Bank, Chennai against two private persons; the Branch Manager of Indian Bank of Koyambedu Branch in Chennai, and other unknown public servants and private persons on the allegations of committing fraud, forgery, impersonation with the intention to cheat the bank.
It was further alleged that a loss to the tune of Rs 45.40 crore was caused to Indian Bank by way of foreclosing or 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.
The investigative agency also alleged that the accused in conspiracy with each other canvassed the bank and CPT for the opening of term deposits in the Koyembedu Branch, Indian Bank and accordingly, 45 Term deposits (FD) were created during the period between March 2020 and May 2020.
One of the accused allegedly impersonated himself as Deputy Director (Finance) of CPT and opened a fake current account in the name of CPT at Koyambedu Branch, Indian Bank, according to CBI.
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 added.
It was also alleged that having original bonds in possession, the accused allegedly presented the same before Indian Bank, Koyambedu Branch, and pre-closed the term deposits one after another within a few days of the creation of term deposits.
The money received from the pre-closure of term deposits was allegedly credited into the fake current account created in the name of CPT by the accused and subsequently transferred to around 34 different accounts. This money was withdrawn by the 27 account holders and handed over to the accused persons, CBI informed.
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 Rs. 100.57 crore (approx) 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 cr were swindled by the accused.
Searches were earlier conducted at 40 locations including Chennai, Tirunelveli, Tuticorin, and Nagercoil which led to the recovery of several incriminating documents and material objects.
In this case, a total of 17 persons including two foreign nationals have been arrested and they are in judicial custody. Three charge sheets have also been filed against 23 accused.
Further investigation is underway.