CBI chargesheets five in Rs 1000 crore Syndicate Bank fraud

Jaipur: The Central Bureau of Investigation (CBI) on Tuesday filed chargesheet against five people under various sections of

IPC

in the case of an alleged loss of Rs 1,000 crore (approximately) to Syndicate Bank in a Jaipur court.

The chargesheet was filed against

S K Gupta

, the then chief manager of Syndicate Bank's

Udaipur

branch, his wife Usha, chartered accountant Bharat Bamb, Jaipur-based businessman

Shankar Khandelwal

and

Vipul Kaushik

, who ran an NGO.

A case was registered on March 7 this year on a complaint from Syndicate Bank against ten people, a few private companies and other unknown public servants and private persons for causing an alleged loss of Rs 1,000 crore to it.

It was alleged that the accused in connivance with the bank officials committed fraud by resorting to discounting of fake cheques, fake bills against fake Letter of Credits (LCs) and arranging overdraft limit against non-existent

LIC

policies at two Jaipur branches —

Malviya Nagar

and

MI Road

—and one Udaipur Branch of Syndicate Bank.

Searches were conducted on March 8 this year at 10 locations including Jaipur, Udaipur and New Delhi which led to recovery of incriminating documents.