CBI arrests Chennai Port Trust official in Rs 45-cr bank fraud case

The CBI has arrested an Assistant Superintendent of Chennai Port Trust (CPT) in connection with an ongoing investigation in Rs 45-crore bank fraud case, according to an official statement issued on Tuesday.

The probe agency had registered a case on July 31, 2020 on a complaint from Indian Bank, Chennai against two private persons; Branch Manager, Indian Bank, Koyambedu branch, Chennai and other unknown public servants and private persons on the allegations of committing fraud, forgery, impersonation with the intention to cheat the bank.

The officials of the Central Bureau of Investigation (CBI) identified the accused as S Raghu Bernard, Assistant Superintendent, Chennai Port Trust.

It was alleged that a loss to the tune of Rs 45.4 crore was caused to Indian Bank by way of foreclosing/pre-closing of several term deposits (fixed deposits) created in the name of Chennai Port Trust and also transferring/withdrawing the said amount through various accounts etc.

The accused colluded with each other and canvassed the bank and the Chennai Port Trust (CPT) for 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, the agency claimed.

One of the accused allegedly impersonated Deputy Director (Finance) of Chennai Port Trust and opened fake current account in the name of CPT at Koyambedu Branch, Indian Bank, the CBI said.

After the receipt of investment from the CPT on every occasions, the bank created term deposit receipts (bond) against the said investment and the said bond was received by the accused from the bank directly, the federal agency said.

"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 few days of creation of term deposits, the probe agency said.

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, the CBI said.

This money was withdrawn by the 27 account holders and handed over to the accused persons, it said.

The 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, the agency said.

In that process a total of Rs 100.57 crore was transferred from the CPT in five investments against which 45 term deposits of different amounts were created, it said.

Out of the total amount invested, Rs 55.19 crore could be freezed after the detection of the fraud and remaining Rs 45.4 crore (approximate) were swindled by the accused, according to the statement.

The arrested accused was produced before the Special Judge, CBI cases, Chennai and remanded to judicial custody.

In this case, 17 people, including two foreign nationals, have been arrested and they are in judicial custody. Three charge sheets have also been filed against 23 accused, the CBI statement said.