CBI chargesheets man who duped bank of Rs 3cr with debit cards

Tejo Bhaskar Yalavarthy was chargesheeted in a court in Vijayawada in Andhra Pradesh under IPC Section 420 pertaining to cheating, CBI said in a statement here today.

"A case was registered on January 6, 2012 under section 120-B read with 420 of IPC against the accused on the basis of a complaint from Indian Overseas Bank, Central Office, Chennai," it said.

The spokesperson said that it was alleged that the accused had entered into a criminal conspiracy with some unknown persons to cheat the bank by way of making a large number of transactions through the two ATM debit cards issued in his name by the Bank despite having insufficient balances in his both the bank accounts linked to the said two ATM cards.

It was found that during September 6, 2010 to May 31, 2011 Yalavarthy allegedly made total number of 3692 transactions by using the two debit cards with different merchants based in Australia and made purchases to the tune of Rs 3.18 crore, causing loss to the bank.

"Searches were conducted by CBI at the premises of accused which led to recovery of a large number of expensive items, like Laptops, high-end cameras, I-pods etc. Which were allegedly purchased out of the bank