Three individuals were found guilty by a jury of attempting to defraud National Australia Bank (NAB) of over $21 million (US$14.3 million) through the use of fake vouchers and guarantees.
Monica Singh, 42, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51 were convicted on Sep. 20 on various fraud-related charges after a lengthy trial in the New South Wales (NSW) District Court.
All three were found guilty on all 19 charges they faced, including multiple counts of dishonestly obtaining a financial advantage.
Singh, who worked as a senior associate at NAB’s Sydney branch managing corporate clients, collaborated with Chamakuri and another individual, Shanmuganathan Gnanasothy, in September 2018 to use fraudulent bank guarantees for property purchases in exchange for commissions.
During the trial, it was revealed that two bank guarantees totaling $86,000 (US$58,600) were used as deposits to buy off-the-plan apartments.
Gnanasothy, who is no longer in Australia, received over $259,000 (US$176,300) in commissions, leading to a warrant for his arrest.
Singh and Chamakuri also conspired to withdraw nearly $16.9 million (US$11.5 million) in cash using internal bank vouchers from NAB.
Singh provided blank vouchers to Chamakuri, who then had an Indian student fill them out and deposit them as if they were checks.
Deo and Singh were also found guilty of attempting to defraud NAB of an additional $4.8 million (US$3.3 million) using fake vouchers.
Despite the elaborate schemes, NAB did not suffer any financial losses as vigilant staff prevented the funds from being transferred.
The trio is scheduled for a bail hearing on Sep. 23 to determine if they will be detained pending sentencing.
