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Best Forex (Click Here For Best Forex Techniques) robot BoB official accused of duping the bank

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CBI books Rajapalayam branch Forex (Click Here For Best Forex Techniques) officer in connection with ₹8.16 crore scam

An official of the Bank of Baroda allegedly colluded with a couple of timber merchants and hoodwinked the credit management system to cheat the nationalised bank of ₹8.16 crore in Tenkasi district.

The Central Bureau of Investigation (CBI) has registered a case based on a specific complaint lodged by the bank authorities that Forex (Click Here For Best Forex Techniques) Officer A. Vivekanandan of Rajapalayam Branch favoured Sri Vani Trading Company represented by its partners T. Marimuthu and E. Inbaraj of Tenkasi by enabling them avail credit over and above the sanctioned limit.

The accused official also obtained Letter of Credit bills without payment thereby causing loss to the bank.

The allegation is that the firm, engaged in processing and sale of timber products, got a credit facility of ₹1.5 crore in 2011 which was gradually increased to ₹5.5 crore in 2017.

The primary security was hypothecation of stock and book debts which amounted to ₹4.5 crore as per the statement submitted by the borrower.

The value of the collateral security was fixed at ₹2.68 crore.

The bank follows a system where Letters of Credit are transmitted to the Structured Financial Messaging System (SFMS) and corresponding entries are made in the core banking software called Finnacle.

During an audit inspection in 2018, it came to light that inland Letters of Credit were sent through SFMS on behalf of Sri Vani Trading Company but no corresponding entry was made in the Finnacle system.

The bank’s internal investigation further revealed that the beneficiary in the Letters of Credit was another timber trading firm owned by one of the partners of Sri Vani Trading Company.

Entries into system of accounting were deliberately delayed to facilitate the beneficiary firm to avail the credit in excess of the sanctioned limit.

Mr. Vivekanandan had facilitated this offence with a fraudulent intention to cheat the bank, CBI’s First Information Report said.

Best Forex (Click Here For Best Forex Techniques) robot Stock removed

When bank officials inspected the timber factory, the stocks that were hypothecated were clandestinely removed.

The CBI’s Anti-Corruption Branch booked the accused bank official and others on charges of criminal conspiracy, cheating, and also invoked the provisions under the Prevention of Corruption Act, 1988, against them.