Three sent to judicial custody for Rs.56 mn fraudJuly 9th, 2008 - 1:08 am ICT by IANS
Chennai, July 8 (IANS) A former manager of a private bank, a dentist and a businessmen were remanded to judicial custody here Tuesday evening for allegedly defrauding seven non-resident Indians to the tune of Rs.56.3 million, police said. The three were remanded to judicial custody for 14 days by a court in Poonamallee, 35 km west of here.
The alleged scam came to light when B.N. Roopchand, an officer of the bank in the southwest suburbs here, discovered after taking charge that seven NRI accounts operated by people domiciled in Bangalore were accessed by S. Udayakumar, 38.
A postgraduate in business administration, Udayakumar was using forged signatures and fake documents, a police official said.
The modus operandi was the use of names of existing account-holders with sizeable deposits, forging their signatures and supporting them with fake documentation with the help of alleged accomplices T. Arivarasu 41, a dentist, and V. Satish, 60, a retired official of the bank, the official added.