CBI books 3 bankers for Rs 30 cr fraud

Following a complaint from Syndicate Bank, Anna Salai Branch, cases were registered against Shinago Infrastructure and Resources limited directors Shivgan K Patel, Nathu K Patel, Mahesh G Patel and Gopal K Patel, for issuing a Letter of Credit worth several crores of rupees to M/s Balaji Associates and M/s Karpaga Vinayaga and Company in gross violation of norms with the malafide intention of facilitating the borrower.

The FIR has also cited Assistant GM Rajesh Singh, Assistant Managers D Gowri Shankar and M Sampath Kumar who were employed in the bank’s branch, when the loan issued in the year 2016, as accused. The company enjoyed credit facilities at Syndicate Bank under the consortium agreement with PNB as leader. According to the complaint lodged by the Syndicate Bank, the LCs were issued manually instead of using through Structured Financial Messaging System (SFMS ) in gross violation of the guidelines of the bank. LC were handed over to the customer which is also against the norms of the bank. The LC were not prepared and not entered and passed in the system, thus the issuance of LC were not accounted under any head when they were issued. After the company’s account became NPA with an outstanding due of Rs 30.93 crore, an internal probe by the bank showed lapses and a complaint was lodged with CBI.