New Delhi: The Central Bureau of Investigation today conducted raids and mounted a big search oepration at 10 locations including Jaipur, Udaipur and New Delhi which led to recovery of incriminating documents and registered a case against a couple of Syndicate Bank officers, and private persons for causing an alleged loss of Rs.1000 crore to Syndicate Bank
The CBi has has registered a case on a complaint from Syndicate Bank under section 120-B read with 409, 420, 467, 468, 471 of IPC and Sec. 13(2) read with 13(1)(c) & (d) of Prevention of Corruption Act, 1988 against a former 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 & two private persons from Udaipur; a private person of Jaipur; certain private companies and other unknown public servants & private persons.
It is alleged that the accused persons in connivance with the Bank officials committed a fraud of about Rs.1000 crore by resorting to discounting of fake cheques and bills against fake LCs and arranging over-draft limit against non-existent LIC Policies. The fraud was allegedly committed at branches of Syndicate Bank at Malviya Nagar in New delhi and MI road branches in Jaipur and Udaipur branch (Rajasthan). It is further alleged that since 2011, the bank officials of these branches at Jaipur & Udaipur colluded with private 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 Rs. 40 lakhsto Rs. 5 crore but majority of them were in the range of Rs.2.5–4.0 crore. To avoid detection, many of these transactions were nullified from the proceeds of new fraudulent transactions.
The seraches were continuing tonight at the 10 locations.