Multi-Crore Bank Fraud Uncovered in Mangaluru: 15 Individuals Accused

It appears a significant financial wrongdoing has come to light in Mangaluru, as authorities are now looking into an alleged bank fraud that cost the erstwhile Syndicate Bank a truly staggering sum. We're talking about a whopping Rs 10.47 crore here, an amount that, let's be honest, would make anyone's jaw drop.

The complaint, filed by none other than Ramachandra, the Assistant General Manager of Canara Bank's Circle Office in Mangaluru, points fingers at a total of 15 individuals. This group allegedly includes not just loan beneficiaries but also some who were once part of the bank's own ranks, specifically former officials. It's a serious accusation, painting a picture of an inside job, or at least one with significant internal help.

So, where did this all supposedly happen? The focal point of this financial drama is the Bunder branch of Syndicate Bank in Mangaluru, which, as many know, has since merged with Canara Bank. The timeline for these alleged nefarious activities stretches from October 2011 right through to March 2013. That's a good chunk of time for such a scheme to unfold, don't you think?

Now, for the nitty-gritty of how this massive loss allegedly occurred. The complaint paints a rather elaborate picture: it seems the accused, working in concert, established current accounts under the guise of fictitious firms. With these seemingly legitimate, yet utterly fake, business entities, they then went on to secure overdraft (OD) facilities and cash credit loans. But here's the kicker – they reportedly did all of this using a slew of fabricated documents. Imagine that: fake invoices, sham partnership deeds, and even forged collateral documents. It sounds like something straight out of a movie, doesn't it?

Once these loans were sanctioned and the money was in hand, the funds, tragically for the bank, were allegedly siphoned off. And naturally, as is often the case with such fraudulent schemes, they were never repaid. It's a classic scenario of taking the money and running, leaving the institution, and ultimately the public, to bear the brunt.

Among the individuals specifically named in the complaint are former bank managers Rakesh Kumar, Sanjith K, and Chandrashekhar Hegde, who was then the chief manager. Their alleged involvement certainly adds another layer of gravity to the entire situation. Alongside them, others identified include Dinesh Nayak, Yogish Kumar, Prathviraj, Naveen Kumar, Harsha, Chandra, Mohammed Rafeeq, Sharath Kumar, Shashi Kiran, Yashwanth, Mahesh, and another individual named Prithviraj.

The police, specifically the Economic and Narcotics Crime Police Station, are now tasked with unraveling this complex web of deceit. The complaint itself has been registered under a host of serious charges, ranging from cheating (IPC Section 420) and various forms of criminal breach of trust (Sections 406, 409) to forgery (Sections 465, 467, 468), using forged documents as genuine (Section 471), and criminal conspiracy (Section 120B). Furthermore, sections of the Prevention of Corruption Act (13(2) read with 13(1)(d)) have also been invoked, underscoring the severity of the alleged crimes, especially concerning public servants.

It's a stark reminder of the constant vigilance required in the financial sector. Such incidents, unfortunately, not only result in significant monetary losses but also erode trust in the very institutions designed to safeguard our finances.