Trio convicted of $21m fraud plot against NAB
Three people attempted to cheat National Australia Bank out of more than $21 million using fake vouchers and guarantees, a jury has found.
Monica Singh, 42, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51 were convicted on Friday of a myriad of fraud-related offences following a lengthy trial in the NSW District Court.
The trio were convicted on all 19 of the charges they were facing, including multiple counts of dishonestly obtain a financial advantage.
Singh was a senior associate at NAB’s Sydney branch, where she managed a portfolio of corporate clients.
In September 2018, she made an agreement with Chamakuri and another man, Shanmuganathan Gnanasothy, to use fraudulent bank guarantees to purchase property in exchange for commissions.
Two bank guarantees worth a total of $86,000 were used as deposits to purchase off-the-plan apartments, crown prosecutor Andrew Norrie told the jury during the trial.
More than $259,000 in commissions were paid to Gnanasothy, who is no longer in Australia, prompting police to issue a warrant for his arrest, the jury heard.
Singh and Chamakuri also schemed to use internal bank vouchers from NAB to withdraw almost $16.9 million in cash.
Singh provided the blank vouchers, which act like cheques, to Chamakuri, who then asked an Indian student he had befriended to fill them out and deposit them, Mr Norrie said.
Deo and Singh were convicted of trying to cheat NAB out of a further $4.8 million using fraudulent vouchers.
NAB did not lose any money through these schemes as staff successfully intervened to prevent the funds being transferred, the jury heard.
The trio will face a bail hearing on Monday to determine if they will be taken into custody awaiting sentence.
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